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Every week for the past year you have monitored the price of regular gas at your local BP Gas station. Additionally, you have monitored the
Every week for the past year you have monitored the price of regular gas at your local BP Gas station. Additionally, you have monitored the price of a barrel of spot crude oil published in the Wall Street Journal. You are interested in evaluating the relationship between crude prices and gasoline prices. Your first task is to analyze the data for the Pearson Correlation Coefficient and understand what that value means. Your second task is to generate a visual representation of the data in the form of an X-Y scatter plot. Your third task is to complete a regression analysis and generate a Simple linear Regression model and from the coefficients that can be predict future gas prices (the Dependent or Outcome Variable) based on Crude Oil prices (the independent predictor variable)
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