Question: You have been provided the cost of producing a carton of milk and the price of gas. Please use Excel and complete the questions below on the data provided:

Price of Gas per gallon Price of carton of milk

1.90 2.00

2.00 2.15

2.10 2.30

2.20 2.45

2.30 2.60

2.40 2.75

2.50 3.00

2.60 3.15

2.70 3.30

2.80 3.45

2.90 4.00

3.00 4.15

3.10 4.30

3.20 4.45

3.30 5.00

1. What is the dependent and independent variable
2. What is the mean price of gas?
3. What is the mean price for a carton of milk?
4. What is the standard deviation of the price of gas?
5. What is the standard deviation of the price of a carton of milk?
6. What is the covariance between the price of gas and a carton of milk?
7. Compute the value of r, the correlation between the price of gas and the price of a carton of milk.
8. What can you infer from the value of r computed above?
9. Construct the Least Square Line: (Hint y = a + bx)

Price: $2.99

Solution: The downloadable solution consists of 7 pages
Deliverable: Word Document