1. The management of aregional bus line thought its cost of gas might correlatio

Question

1.      The management of aregional bus line thought its cost of gas might correlation withits passenger/mile ratio. Comment on the data and correlationmatrix.

Average Wholesale Cost of Gas

Passenger/Mile Ratio

56.5

8.37

59.4

8.93

63.0

9.15

65.5

9.79

89.0

11.20

Correlation Coefficients/Probability > IRI

Under H0: RHO = 0/N = 5

Year

Price

Mile

Year

1.00

.87016

.95127

.0000

.0551

.0128

Price

.87016

1.000

.97309

.0551

.0000

.0053

Mile

.95127

.97309

1.0000

.0128

.0053

.00000

Average Wholesale Cost of Gas

Passenger/Mile Ratio

56.5

8.37

59.4

8.93

63.0

9.15

65.5

9.79

89.0

11.20

Explanation / Answer

The p-value for Year and Price is 0.0551 The p-value is large. So, these two are not significant. . The p-value for Year and Mile is 0.0128 The p-value is very small. So, these two aresignificant. . The p-value for Mile and Price is 0.0053 The p-value is very small. So, these two aresignificant. The p-value for Year and Mile is 0.0128 The p-value is very small. So, these two aresignificant. . The p-value for Mile and Price is 0.0053 The p-value is very small. So, these two aresignificant. The p-value for Mile and Price is 0.0053 The p-value is very small. So, these two aresignificant.

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