Question 1:
Bicycling, 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 ($) for 10 racing bikes reviewed by the magazine.
Brand Weight (pound) Price ($)
A 17.8 2100
B 16.1 6250
C 14.9 8370
D 15.9 6200
E 17.2 4000
F 13.1 8600
G 16.2 6000
H 17.1 2580
I 17.6 3400
J 14.1 8000
a) Use the data to develop an estimated regression equation that could be used to estimate the price for the bike given the weight. (hint: y on x)
b) compute correlation coefficient of the two variables
c) Predict the price for a bike that weighs 15 pounds.
Answers
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