The U.S. Bureau of Mines produces data on the price of minerals. 1 answer below »

The U.S. Bureau of Mines produces data on the price of minerals. 1 answer below »

The U.S. Bureau of Mines produces data on the price of minerals. Shown here are the average prices per year for several minerals over a decade. Use these data and multiple regression to produce a model to predict the average price of gold from the other variables. Comment on
the results of the process

 

Gold                Copper           Silver              Aluminum
($ per oz.) (     cents per lb.) ($ per oz.)        (cents per lb.)
161.1               64.2                 4.4 3                9.8
308.0               93.3                 11.1                 61.0
613.0               101.3               20.6                71.6
460.0               84.2                 10.5                 76.0
376.0               72.8                 8.0                   76.0
424.0               76.5                 11.4                 77.8
361.0               66.8                 8.1                   81.0
318.0               67.0                6.1                  81.0
368.0               66.1                 5.5                   81.0
448.0               82.5                7.0                   72.3
438.0               120.5               6.5                  110.1  
382.6               130.9               5.5                  87.8

 

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