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Regression analysis

The following data show U.S. production of motor vehicles versus tons of domestic steel shipped for motor vehicle manufacture.
Year X=U.S. Production of Motor Vehicles Y=Tons of Domestic Steel
2000 12.83 million 16.06 million
2001 11.52 14.06
2002 12.33 14.0
2003 12.15 15.88
2004 12.02 13.86
a. Determine the least-squares regression line and calculate r.
b. What proportion of the variability in steel shipments for motor vehicles is explained by the regression equation?
c. During a year in which U.S. production of motor vehicles is 12.0 million, what would be the prediction for the number of tons of domestic steel used for vehicle production?

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The solution provides step by step method for the calculation of regression analysis. Formula for the calculation and Interpretations of the results are also included.

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