Data analysis: scatter plot, coefficient of correlation, coefficient of determination, interpretations.
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A major oil company is studying the relationship between the daily traffic count and the number of gallons of gasoline pumped at company stations. A sample of eight company owned stations is selected and the following information obtained:
a) develop a scatter diagram with the amount of gasoline pumped as the dependent variable.
b) compute the coefficient of correlation.
c) compute the coefficient of determination.
d) interpret the meaning of the coefficient of determination.
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Solution Summary
This solution helps explain statistical methods in how to develop a scatter diagram, compute the coefficients of correlation and determination as well as interpret the meanings of these coefficients.
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