ch 13. 3: United Oil Company is attempting to develop a reasonably priced unleaded gasoline that will deliver higher gasoline mileages thancan be achieved by its current unleaded gasolines. As part of its development process, United Oil wishes to study the effect of twoindependent variables-x1, amount of gasoline additive RST (0, 1, or 2 units), and x2, amount of gasoline additive XST (0, 1, 2, or 3units), on gasoline mileage, y. Mileage tests are carried out using equipment that simulates driving under prescribed conditions. Thecombinations of x and x2 used in the experiment, along with the corresponding values of y, are given below.RSTXSTGasUnitsUnitsMileage(x1)(x2)(v, mpg)27.4328.0728.46129.38130.0028.14229.5032.43133.951133.96134.7732.6833.84134.64135.4635.9633.76234.57234.7933.2032.70233.41Using the model, y = 8g + e1%1 + 82x1? + 83x2 + 8ax2? + E, calculate the point estimate. (Moreover, consider the mean mileageobtained by all gallons of the gasoline when it is made with one unit of RST and two units of XST (a combination that the data onthe page margin indicates would maximize mean mileage). Do not round intermediate calculations. Round your answer to 4decimal places.)Point estimate222 222 233m

Regression analysis output is attached above, Regression equation is Y^ =28.2528 + 2.7536X1…

Answered: United Oil Company is attempting to…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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You can adjust the values in the accompanying table for fields with white backgrounds. Once you have selected a field, you can either enter a new value or adjust the existing value by selecting the arrows (+ to increase and to decrease). You can exit the entry field by hitting Enter (or Return) on your keyboard or by selecting a place elsewhere on the problem. To reset a field to its starting value, select the circular refresh arrow that appears next to the selected field. Experiment with entering different values in the editable fields. Observe what changes take place on the graph itself and also in the uneditable fields in the table. Don't worry about understanding the economics behind the question, just make sure you understand how to manipulate the values on the graph. PRICE (Dollars per pair) 50 45 40 35 30 25 20 15 10 5 0 0 Supply 15 30 45 60 75 90 105 120 135 150 QUANTITY (Thousands of pairs of loafers) Entering 45.00 into the Price field Entering 40.00 into the Price of…
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Explain Standard errors for TSLS (two stage least squares)?

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