Regression Analysis Multi Faceted Issues

The multi-faceted issues of electricity pricing, electricity demand and climate change have been a

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talking point in Australia for quite some time. As such, you are requested to prepare an analysis of

Victorian demand for work days (i.e. Monday to Friday) for Victoria for 2014. The Excel file

‘elecdemand’ contains all of the necessary data for your analysis.

(a) (8 marks) Construct an Ordinary Least Squares Regression (simple Linear Regression) of the

data. Ensure you include all necessary calculations and plots in your analysis.

(b) (5 marks) Discuss the appropriateness of the model calculated in (a). Provide full reasoning in

support of your conclusion.

(c) (4 marks) Assuming the model is appropriate for use as a linear regression (ignore any conclusion

you have reached in part (b) above), what is the likely demand for electricity in Victoria if the

temperature reaches 35o Celsius. Show all calculations, including any appropriate formula(e).

(d) (5 marks) To answer this part of the question you will need to do some research. Please

remember the referencing requirements for academic submissions. In the preparation of linear

regression models using the appropriate Excel analysis tool, a graph titled ‘Normal Probability Plot’ is

provided. What does this plot purport to show and what does it mean in the context of this question?