Oil Quality and Price

question 78

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: Descriptive Statistics Variable N Mean StDev SE Mean Degrees 13 34.60 4.613 1.280 Price 13 12.730 0.457 0.127 Covariances Degrees Price Degrees 21.281667 Price 2.026750 0.208833 Regression Analysis Predictor Coef StDev T P Constant 9.4349 0.2867 32.91 0.000 Degrees 0.095235 0.008220 11.59 0.000 S = 0.1314 R−Sq = 92.46% R−Sq(adj)= 91.7% Analysis of Variance Source DF SS MS F P Regression 1 2.3162 2.3162 134.24 0.000 Residual Error 11 0.1898 0.0173 Total 12 2.5060
-{Oil Quality and Price Narrative} Does it appear that heteroscedasticity is a problem? Explain.

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Definitions:

Y Chromosome

The sex chromosome found only in males. When paired with an X chromosome from the mother, it produces a male child.

Gender Roles

Socially constructed roles, behaviors, activities, and attributes that a given society considers appropriate for men and women.

Temperament

The combination of mental, physical, and emotional traits of a person; natural predisposition, which is often evident from infancy.

Testosterone

The most important of the male sex hormones. Both males and females have it, but the additional testosterone in males stimulates the growth of the male sex organs in the fetus and the development of the male sex characteristics during puberty.