A government economist obtained the following data from a simple random sample of ten pri
Question: Problem 9)
A government economist obtained the following data from a simple random sample of ten private companies in the natural gas exploration business. In the table below, x is the capital investment the company puts into exploration and development (in millions of dollars) and y is the volume of natural gas discovered (adjusted to sea level pressure and in billions of cubic feet).
| x | 5.8 | 8.3 | 1.7 | 7.7 | 5.6 | 2.4 | 15.8 | 10.1 | 12.4 | 7.9 |
| y | 9.1 | 17.4 | 4.7 | 12.3 | 3.8 | 4.6 | 18.1 | 19.3 | 16.9 | 12.6 |
a) Draw the scatter diagram for this data.
b) Find the slope, b, and the intercept, a, for the least-squares line. Write the equation of the least-squares line.
c) Graph the least-squares line on your scatter diagram.
d) If a company had invested 6.5 million dollars, what would the least-squares line predict for the volume of natural gas discovered?
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Deliverables: Word Document
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