Consider the world oil production data of Computer Problem 3.2.3. Find the best least squares (a) line, (b) parabola, and (c) cubic curve through the 10 data points and the RMSE of the fits. Use each to estimate the 2010 production level. Which fit best represents the data in terms of RMSE?
Computer Problem 3.2.3
The total world oil production in millions of barrels per day is shown in the table that follows. Determine and plot the degree 9 polynomial through the data. Use it to estimate 2010 oil production. Does the Runge phenomenon occur in this example? In your opinion, is the interpolating polynomial a good model of the data? Explain.