The table shows the amounts of crude oil (in thousands of barrels per day) produced by a certain country and the amounts of crude oil (in thousands of barrels per day) imported by the same country for seven years. The equation of the regression line is y = - 1.345x + 17,091.68. Complete parts (a) and (b) below. Produced, x 5,682 5,550 5,380 5,243 5,123 5,067 O 9,193 9,668 10,082|10,182|10,187 10,084 5,827 Imported, y 9,313 (a) Find the coefficient of determination and interpret the result. (Round to three decimal places as needed.)

The table shows the amounts of crude oil (in thousands of barrels per day) produced by a certain country and the amounts of crude oil (in thousands of barrels per day) imported by the same country for seven years. The equation of the regression line is y = - 1.345x + 17,091.68. Complete parts (a) and (b) below. Produced, x 5,682 5,550 5,380 5,243 5,123 5,067 O 9,193 9,668 10,082|10,182|10,187 10,084 5,827 Imported, y 9,313 (a) Find the coefficient of determination and interpret the result. (Round to three decimal places as needed.)

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter4A: Problems In Applying The Linear Regression Model

Section: Chapter Questions

Problem 2E

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