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Simple Linear Regression Analysis

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A very broad consensus has emerged around the proposition that global warming is a reality, with likely serious global consequences. Moreover, while there is still not unanimity that global warming is entirely man-made, there is broad agreement that it is desirable to cut emissions from coal and petroleum. Finally, 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 solar and wind.

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.

The regression output for selected municipalities in Illinois for 10 reporting periods (weeks) is attached below. The dependent variable is consumption of natural gas in millions of cubic feet (Fuelcons) and the independent variable is the temperature (Temp), measured in degrees Fahrenheit.

Write the regression equation, and explain the regression coefficients.

Regression equation: y = + x

Enter your answers to four decimal places.

interpretation of bo :

A. This tells us the average temperature for the selected municipalities in Illinois during the testing period.

B. This tells us the average amount of natural gas consumed during the testing period.

C. This says we are 95% confident that in the population each additional degree (Fahrenheit) of increase in temperature will result in a decrease of fuel consumption around this value.

D. This tells us how much natural gas is estimated to be consumed when the temperature = 0.

E. This value has no practical interpretation.

Please select the correct choice: A, B, C, D or E

interpretation of b1 :

A. This tells us that for each additional degree (Fahrenheit) of increase in temperature, we can expect an increase of .1173 millions of cubic feet of natural gas.

B. This tells us that at a temperature of 1 degree (Fahrenheit), one can expect that there will be 15.2569 millions of cubic feet of natural gas used.

C. This is the estimate for natural gas used when the temperature = 0.

D. This tells us that for an each additional degree (Fahrenheit) of increase in temperature, we can expect a decrease of .1173 millions of cubic feet of natural gas.

E. This value has no practical interpretation

Please select the correct answer: A, B C D, or E

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Solution Summary

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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