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 a stepwise regression procedure 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.)
161.1
64.2
4.4
39.8
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
424.0
76.5
11.4
77.8
361.0
66.8
8.1
81.0
318.0
67.0
6.1
368.0
66.1
5.5
448.0
82.5
7.0
72.3
438.0
120.5
6.5
110.1
382.6
130.9
87.8
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