Oil Quality and Price Narrative

question 1

Essay

Oil Quality and Price Narrative
Quality of oil is measured in API gravity degrees; the higher the degrees API, the higher the quality. The table shown below was 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 Covariances
Degrees Price
Degrees 21.281667
Price 2.026750 0.208833
Regression Analysis S = 0.1314 R-Sq = 92.46% R-Sq(adj) = 91.7%
Analysis of Variance
-Refer to Oil Quality and Price Narrative. Plot the residuals against the predicted values.

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Definitions:

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