Consider the situation in which a gas company wishes to predict weekly natural gas consumption for its
Question:
y = β0 + β1x1 + β2x2 + ε
a. Using the Excel or MINITAB output (depending on the package used in your class), find (on the output) b1 and b2, the least squares point estimates of b1 and b2, and report their values. Then interpret b1 and b2.
b. Calculate a point estimate of the mean natural gas consumption for all weeks that have an average hourly temperature of 40 and a chill index of 10, and a point prediction of the amount of natural gas consumed in a single week that has an average hourly temperature of 40 and a chill index of 10. Find this point estimate (prediction), which is given at the bottom of the MINITAB output, and verify that it equals (within rounding) your calculated value.
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Related Book For
Essentials Of Business Statistics
ISBN: 9780078020537
5th Edition
Authors: Bruce Bowerman, Richard Connell, Emily Murphree, Burdeane Or
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