The following table shows the daily high temperature and maximum market price for electricity during 7 days this last summer. Using the data in the table calculate the regression equation, including the slope and intercept terms, R squared, and the SE of the regression (SE of the estimate). Based on your results, how well does temperature explain changes in price? How are the two variables mathematically related? How might you use your regression to forecast the price for electricity?
Please see the attached files.
I have used Excel for this purpose. The file is attached.
The regression equation is: y=2.09x - 113.32
where y=price and x=temp.
The slope = 2.09 and the intercept = -113.32
To calculate the standard error of the estimate, first calculate ...
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