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The U.S. Bureau of Mines produces data on the price of Minerals. The data below displays...

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Basic Math

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.)

161.164.24.439.8
308.093.311.161.0
613.0101.320.671.6
460.084.210.576.0
376.072.88.076.0
424.076.511.477.8
361.066.88.181.0
318.067.06.181.0
368.066.15.581.0
448.082.57.072.3
438.0120.56.5110.1
382.6130.95.587.8

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:

  1. Regression equation
  2. R, R2 and 1-R2, adjusted R2
  3. Standard error of estimate
  4. Report the t's for each value and the correspondingp-values
  5. Overall test of hypothesis and decision
  6. 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.

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