Question

One of the world's leading cycling magazine reviews hundreds of bicycles throughout the year. Their "Road Race" category contains reviews of bikes used by riders primarily interested in racing. One of the most important factors in selecting a bike for racing is the weight of the bike. The following data show the weight (pounds) and price ($) for 10 racing bikes reviewed by the magazine. DATA file Brand Weight Price ($) FELT F5 17.8 2100 PINARELLO Paris 16.1 6250 ORBEA Orca GDR 14.9 8370 EDDY MERCKX EMX-7 6200 BH RC1 Ultegra 4000 BH Ultralight 386 13.1 8600 CERVELO S5 Team 16.2 6000 GIANT TCR Advanced 2 17.1 2580 WILIER TRIESTINA Gran Turismo 17.6 3400 SPECIALIZED S-Works Amira SL4 14.1 8000 a. Use the data to develop an estimated regression equation that could be used to estimate the price for a bike given the weight. If required, enter negative values as negative numbers. Price - 28574. + 1439.0 Weight (to whole number) b. Computer? 0.8637 (to 4 decimals) Did the estimated regression equation provide a good fit? The estimated regression equation provided a very good can be explained by the regression equation (to 2 decimals). % of the change in price c. Predict the price for a bike that weighs 14.3 pounds. * (to whole number)

Answer 1

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