SCENARIO 18-4 You Decide to Predict Gasoline Prices in Different Cities and Cities

question 7

Multiple Choice

SCENARIO 18-4
You decide to predict gasoline prices in different cities and towns in the United States for your term
project.Your dependent variable is price of gasoline per gallon and your explanatory variables are
per capita income, the number of firms that manufacture automobile parts in and around the city, the
number of new business starts in the last year, population density of the city, percentage of local
taxes on gasoline, and the number of people using public transportation.You collected data of 32
cities and obtained a regression sum of squares SSR= 122.8821.Your computed value of standard
error of the estimate is 1.9549.
-Referring to Scenario 18-4, the value of adjusted is

• A) 0.4576
• B) 0.5626
• C) 0.6472
• D) 95.5414

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Definitions:

Equal Alternatives

Choices or options that are considered to have the same value or importance, making them equally preferable.

Probabilities

The measure of the likelihood that an event will occur, quantified as a number between 0 and 1, where 0 indicates impossibility and 1 indicates certainty.

Different Probability

The branch of mathematics concerning the analysis and quantification of the likelihood of various outcomes differing from each other.

Outcome Probabilities

The likelihoods associated with the possible outcomes of a random process or experiment.