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How are the two variables mathematically related

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Reference no: EM13964958

The following table shows the daily high temperature and maximum market price for electricity during 7 days this last summer.

Using the data in the table calculate the regression equation, including the slope and intercept terms, R squared, and the SE of the regression (SE of the estimate). Based on your results, how well does temperature explain changes in price? How are the two variables mathematically related? How might you use your regression to forecast the price for electricity?

Temp. Prices
 70      45
 75      48
 80      42
 85      55
 90      63
 95      94
100    105

Reference no: EM13964958

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