The table shows the amounts of crude oil (in thousands of barrels per day) produced by the United States and the amounts of crude oil (in thousands of barrels per day) imported by the United States for seven years. The equation of the regression line is ŷ = -1.167x + 16,118.763.

Use the data to find

(a) The coefficient of determination r² and interpret the result,

(b) The standard error of estimate s_e and interpret the result.

Transcribed Image Text:

Produced. 5801 5744 5644 5435 5186 5089 5077 Imported. y 9328 9140 9665 10,088 10.126 10.118 10.031