The Following MINITAB Output Presents the Lest Squares Regression Line $= 65.103448 + 1.267241$

question 16

Multiple Choice

The following MINITAB output presents the lest squares regression line for predicting the price of a certain commodity from the price of a barrel of oil

The regression equation is
Commodity $= 65.103448 + 1.267241$ Oil

$\begin{array}{lrrrr}\text { Predictor } & \text { Coef } & \text { SE Coef } & \text { T } & \text { P } \\\text { Constant } & 65.103448 & 43.01881 & 1.513372 & 0.204741 \\\text { Oil } & 1.267241 & 0.428279 & 2.958913 & 0.0416\end{array}$
Predict the commodity price when the oil price is $\$ 106$ per barrel.

• A) \(\$ 134\)
• B) \(\$ 199\)
• C) \(\$ 189\)
• D) \(\$ 219\)

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Definitions:

Import Tariffs

Taxes imposed by a government on goods and services imported from other countries, affecting their price and availability.

Consumers

Individuals or entities that purchase goods and services for personal use.

NAFTA

The North American Free Trade Agreement, a treaty between the United States, Canada, and Mexico that eliminated most tariffs and trade barriers among the three countries.

Trade Agreement

A formal accord between two or more nations that determines the rules of trade, including tariffs and duties, between them.