Oil Quality and Price

question 148

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} Estimate with 95% confidence the average oil price per barrel for an API degree of 35.

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Definitions:

Disaffirmance

The legal right of a party, usually a minor, to renounce or void a contract, thereby releasing them from any obligations.

Consideration

Consideration in a legal context refers to something of value that is exchanged between parties as part of a contract, necessary for the contract to be legally binding.

Chinese Law

A legal system derived from civil law, heavily influenced by Soviet Socialist law, that governs the People's Republic of China.

Minors

Individuals under the legal age of majority, typically under 18 years old, not yet granted the full legal rights of an adult.