Exam 3
Resource Economics 312
Introductory Econometrics
Please complete all questions on this exam. The data in the Minitab Project:
Exam 32009 Gas Demand.MPJ
are to be used for all analyses. These data are a sample of US gasoline demand statistics for the period 1976 –
2006. The variable definitions are as follows:
♦
QGas
is the US demand for gasoline in million barrels;
♦
PGas
is the real price of gasoline in $/gallon;
(real variables have been adjusted for inflation)
♦
GDP
is the real US Gross Domestic Product, a measure of income;
♦
MPG
is the average US fuel efficiency of new cars;
♦
PNew
is a price index for new cars;
♦
PUsed
is a price index for used cars.
Immediately
save your Minitab Project in the DropBox as:
lastnameExam3.MPJ.
(5)
1.
Provide
descriptive statistics
for the variables
QGas, PGas and MPG.
(Include
only
the number of
observations (nonmissing), mean, standard deviation and 5Number Summary.)
(5)
2. Determine correlation coefficients for the variables:
QGas, PGas, GDP, MPG, PNew and PUsed
.
(4)
3. Which two variables are most highly correlated?
Do you have any concerns about these data?
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 Winter '10
 DanielLass
 Statistics, Econometrics, Regression Analysis, new cars, pnew, Source Regression Residual, Variance Source Regression

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