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Data Description and Background Starting from the end of the Industrial Revolution crude oil production began to increase. The attached dataset contains annual world crude
Data Description and Background Starting from the end of the Industrial Revolution crude oil production began to increase. The attached dataset contains annual world crude oil production from the years 1880 to 1984. The two variables are: Year (the year) and Mbbl (Millions of barrels of crude oil produced). Using the data provided, answer the following questions and perform the following analysis. 1) Create a scatterplot with the variable Year on the horizontal axis and the variable Mbbl on the vertical axis. Be sure to appropriately label the scatterplot. - 2 points 2) Calculate the correlation between the variables Year and Mbbl. - points 3) Define a new variable by taking the natural logarithm of the variable Mbbl. Call this new variable ln_Mbbl. Create a scatterplot with the variable Year on the horizontal axis and the variable ln_Mbbl on the vertical axis. Be sure to appropriately label the scatterplot. - 2 points 4) Calculate the correlation between the variables Year and ln_ Mbbl. - points 5) If you did parts 2 and 4 correctly, you should get two different values for the correlation. Comment on why one of the correlations is greater than the other (Hint: Refer back to the scatterplots you created in parts 1 and 3, these will shed some light on the situation). - point Description: Annual world crude oil production in millions of barrels, 1880-1984 Number of cases: 27 Variable Names: 1. Year: Year 2. Mbbl: Millions of barrels of crude oil produced The Data: Year Mbbl 1880 30 1890 77 1900 149 1905 215 1910 328 1915 432 1920 689 1925 1069 1930 1412 1935 1655 1940 2150 1945 2595 1950 3803 1955 5626 1960 7674 1962 8882 1964 10310 1966 12016 1968 14104 1970 16690 1972 18584 1974 20389 1976 20188 1978 21922 1980 21732 1982 19403 1984 19608
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