Oil Quality and Price

question 295

Essay

Oil Quality and Price
Quality of oil is measured in API gravity degrees--the higher the degrees API, the higher the quality. The table shown below is produced by an expert in the field who believes that there is a relationship between quality and price per barrel.

A partial Minitab output follows:




-{Oil Quality and Price Narrative} Conduct a test of the population coefficient of correlation to determine at the 5% significance level whether a positive linear relationship exists between the quality of oil and price per barrel.

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