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} Plot the least squares regression line on the scatter diagram.
Definitions:
Aggregate Supply
The overall quantity of goods and services that businesses in an economic system aim to sell within a certain period.
Classical Macroeconomic Theory
Classical macroeconomic theory is an economic framework that emphasizes the importance of free markets, suggesting economies are self-regulating systems that automatically adjust to achieve full employment.
Aggregate Supply
The total supply of goods and services available to a particular market from producers at different price levels in a given period.
Aggregate Demand
The total requisition of goods and services in an economic setting, valued at a consistent price level and for a particular duration.
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