The U.S. Bureau of Mines produces data on the price of Minerals.The data below displays the average prices per year for severalminerals over a decade.
Gold
($ per oz.) | Copper
(cents per lb.) | Silver
($ per oz.) | Aluminum
(cents per lb.) |
| 161.1 | 64.2 | 4.4 | 39.8 |
| 308.0 | 93.3 | 11.1 | 61.0 |
| 613.0 | 101.3 | 20.6 | 71.6 |
| 460.0 | 84.2 | 10.5 | 76.0 |
| 376.0 | 72.8 | 8.0 | 76.0 |
| 424.0 | 76.5 | 11.4 | 77.8 |
| 361.0 | 66.8 | 8.1 | 81.0 |
| 318.0 | 67.0 | 6.1 | 81.0 |
| 368.0 | 66.1 | 5.5 | 81.0 |
| 448.0 | 82.5 | 7.0 | 72.3 |
| 438.0 | 120.5 | 6.5 | 110.1 |
| 382.6 | 130.9 | 5.5 | 87.8 |
Use the attached MS Excel spreadsheet data and multipleregression to produce a model to predict the average price of goldfrom other variables. Comment on the following:
- Regression equation
- R, R2 and 1-R2, adjusted R2
- Standard error of estimate
- Report the t's for each value and the correspondingp-values
- Overall test of hypothesis and decision
- Use a .05 level of significance. Cite which variables aresignificant and which are not significant, based on the t valuesand p values for each independent variable.
