TABLE 13-9 You Decide to Predict Gasoline Prices in Different Cities and Cities

question 283

Multiple Choice

TABLE 13-9
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 Table 13-9, the value of adjusted r² is ________.

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

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Definitions:

Shaded Area

In graphical representations, a portion of the graph that is marked off or colored differently to highlight a particular region or to denote a statistical significance.

Distribution

Describes the way values in a dataset are spread or dispersed across the range of possible values.

Standard Deviation

A statistical measure that quantifies the amount of variation or dispersion of a set of data values from their mean.

Normally Distributed

Describes a distribution that is symmetrical, bell-shaped, and characterized by data equally spread around the mean, implying many measurement observations fall close to the average.