Abstract
Energy consumption in developing countries is sharply increasing due to higher economic growth of industrialization along with population growth and urbanization. This paper provides a multiple linear regression evidence to illustrate the association between final energy consumption and three economic variables. Multiple linear regression analysis was used to obtain a predictive equation and to check for linearity assumption. Three input variables, viz. growth domestic product, population, and tourism are the predictors for final energy consumption. Time series yearly data of final energy consumption and the three input variables for the year 2001 until 2012 was retrieved from various databases. It is found that there was a significant variation in the final energy consumption explained by the three variables. The multiple linear regression equation indicates that the ‘population’ is the most influential variable in predicting final energy consumption.
Highlights
It is undeniable fact that energy is one of the most basic needs in people’s lives and absolutely necessary to uplift the quality of life of the world’s population
The present study investigates the relationship between three economic variables and final energy consumption using multiple linear regression analysis
The purpose of the current study was to determine the relationship between final energy consumption and its multiple economic variables using multiple linear regressions
Summary
It is undeniable fact that energy is one of the most basic needs in people’s lives and absolutely necessary to uplift the quality of life of the world’s population. There are several energy resources on earth likes fossil fuels (coal, natural gas and oil), hydroelectric power, biofuels, nuclear power, solar power, wind power, tidal power, wave power, geothermal power and others These energy sources will consumed by end users. It is used to overcome the increasing demand of energy consumption, which is supposed to be moved in tandem with the growth of economic activities. Industrialization, population growth and urbanization are among the important variables that lead to expanding demand of energy [2]. Energy consumption and economic activities are mutually related and plays a very important role in the economic growth and social development of a country. The present study investigates the relationship between three economic variables and final energy consumption using multiple linear regression analysis. A multiple linear regression equation is a linear association between one dependent variable and at least two independent variables
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