Car Speed and Gas Mileage: An economist wanted to analyze the relationship between the speed of a car (x) and its gas mileage (y). As an experiment a car is operated at several different speeds and for each speed the gas mileage is measured. These data are shown below.
-Predict with 99% confidence the gas mileage of a car traveling 55 mph.
Definitions:
Opportunity Cost
The cost of choosing one alternative over another, represented by the benefit foregone from not choosing the next best alternative.
Inefficient
Referring to a lack of effectiveness, not achieving maximum productivity; resulting in a waste of time, energy, or material.
Efficient
The state of achieving a maximum output from given resources, with minimal waste or inefficiency.
Normative Statement
Prescriptive assertions that express judgments about whether a situation is desirable or undesirable, reflecting values rather than facts.
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