Regression Model: Natural Gas Consumption vs Temperature
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A very broad consensus has emerged around the proposition that global warming is a reality with likely serious global consequences. Many energy economists and political leaders are advocating a multipronged approach to providing alternative energy, including nuclear, natural gas, clean coal, and renewable sources from geothermal, solar and wind energy forms.
Municipalities and states have been asked by the Department of Energy to assess their energy requirements for each of the alternative fuels. In particular, they have decided to focus initially on natural gas, given the enormity of U.S. reserves and its relative cleanliness.
Attached is a portion of the regression output for selected municipalities in Illinois for 10 reporting periods (weeks). The dependent variable is consumption of natural gas in millions of cubic feet (Feulcons) and the independent variable is the temperature (Temp), measured in degrees Fahrenheit.
Determine R-Sq, the Standard Error, and F.
For this problem assume n = 10
For x2, express your answer as a percentage. Round your answer to two decimal places.
For Standard Error, round your final answer to three decimal places.
For F, round the F value to two decimal places.
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Solution Summary
The solution provides step by step method for the calculation of R-square value, Standard error of the estimate and F-statistic. Formula for the calculation is also included.
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Simple Regression Output
A very broad consensus has emerged around the proposition that global warming is a reality with likely serious global consequences. Many energy economists and political leaders are advocating a multipronged approach to providing alternative energy, including nuclear, natural gas, clean coal, and renewable sources from geothermal, ...
Purchase this Solution
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