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The data are real US Gross Domestic Product (in billions of dollars) and Domestic Revenue Passenger Miles (in millions) for the years 1996 through 2012. Below this table is the MS Excel Summary Output regressing RPMs against GDP. Using MS Excel or another similar application, build a scatter plot and insert the regression line and equation. Next, interpret the regression output and explain the regression statistics. Be certain that the regression coefficients match those in the scatter plot equation. Finally, use the regression equation to predict RPMs for 2013 and 2014 assuming GDP grows by 3% each year from 2012. You may wish to check the actual RPMs to see how closely your estimate matched. Note: To build a scatter plot in Excel, select and copy the GDP and RPM data into Excel; select the data in Excel, then use Insert/Scatter to create a scatter plot. Finally, scroll down Chart Layout to select the format that creates a regression line and formula. Use the Excel Help function as needed.
Year
GDP
RPM
1996
8,100.2
419.07
1997
8,608.5
438.42
1998
9,089.1
448.58
1999
9,665.7
472.96
2000
10,289.7
500.12
2001
10,625.3
472.60
2002
10,980.2
469.96
2003
11,512.2
492.73
2004
12,277.0
542.82
2005
13,095.4
569.24
2006
13,857.9
574.52
2007
14,480.3
592.33
2008
14,720.3
568.25
2009
14,417.9
538.98
2010
14,958.3
552.85
2011
15,533.8
563.65
2012
16,244.6
568.70
SUMMARY OUTPUT
Regression Statistics
Multiple R
0.926457
R Square
0.858323
Adjusted R Square
0.848878
Standard Error
21.52755
Observations
17
ANOVA
df
SS
MS
F
Significance F
Regression
1
42114.69
90.87497
9.342E-08
Residual
15
6951.532
463.4355
Total
16
49066.22
Coefficients
t Stat
P-value
Lower 95%
Upper 95%
Intercept
275.7148
25.82438
10.67653
2.1E-08
220.6713974
330.7581059
0.019662
0.002063
9.532837
9.34E-08
0.015265596
0.02405796
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