Applying a Regression Analysis to Electricity Consumption
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Consumption Temperature
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The owner of a single-family home would like to develop a model to predict electricity consumption in his house, based on average atmospheric temperature in degrees Fahrenheit.
Monthly kilowatt usage and temperature data are available for a period of 24 months
1) Assume a linear relationship, use the least square method to find the regression coefficients bo and b1
2) Predict the mean kilowatt usage when the average temperature is 50 degrees Fahrenheit.
3) Compute the Durbin-Watson statistic. At the 0.05 significance level, is there evidence of autocorrelation among the residuals?
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Solution Summary
This solution provides assistance finding the regression coefficients bo and b1, predicts the mean kilowatt usage, and computes the Durbin-Watson statistic.
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