Question

provide an appropriate response.
the following table gives the us domestic oil production rates (excluding alaska)
over the past few years. a regression equation was fit to the data and the residual
plot is shown below.
year millions of barrels per day year millions of barrels per day
1987 6.39 1995 5.08
1988 6.12 1996 5.07
1989 5.74 1997 5.16
1990 5.58 1998 5.08
1991 5.62 1999 4.83
1992 5.46 2000 4.85
1993 5.26 2001 4.84
1994 5.10 2002 4.83
does the residual plot suggest that the regression equation is a bad model? why or
why
not?

Explanation:

A good regression model has a residual plot with no discernible pattern. In this case, the residual plot shows no obvious trends, clusters, or curves. This indicates that the regression equation is a reasonable model as the residuals are randomly scattered around the zero - line. Random scatter in the residual plot implies that the model is capturing the relationship between the year and the oil production rate well, and there are no systematic errors in the model's predictions.

Answer:

No, the residual plot does not suggest that the regression equation is a bad model. The residuals are randomly scattered around the zero - line, which is a characteristic of a good regression model.