c) The store owner lets you know they are introducing a new bike. Using your model above what is your predictionfor the price of the new bike if the bike weighs 17 pounds and is American Made. Searching for solitary activities this past year you have gotten into road biking. Looking to upgrade your ride for nextyear you have been looking at high end bikes. Using data from your local bike store you ran a regression on the tenbrands they carry. The output is shown below.Your independent variable was Price. AmericanMade is a dummy variable with a 1 for Bikes made in the US and a 0 forBikes made elsewhere. Weight is measured in pounds.SUMMARYOUTPUTRegression StatisticsMultiple RR SquareAdjusted RSquare0.9350.8750.839Standard Error964.770Observations10ANOVAdfSMSFSignificance FRegressionResidualTotal2 45605338 22802669 24.498440.00069176515462930780.39 52120800StandardUpperLowerUpperCoefficientsErrort StatP-valueLower 95%95%95.0%95.0%36268.56InterceptAmericanMade27877.153548.737.860.000119485.74 36268.5619485.74551.15693.750.790.4530-1089.312191.60-1089.312191.60Weight (Ibs)-1390.84215.62-6.450.0004-1900.69-880.99-1900.69-880.99a) Write out the regression equation using the results from above.b) Interpret the coefficient on Weight.

The regression line is given by Price = 27877.15 +551.15AmericanMage - 1390.84Weight

Answered: a) Write out the regression equation…

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a) Write out the regression equation using the results from above. b) Interpret the coefficient on Weight.

MATLAB: An Introduction with Applications

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Concept explainers

Correlation

Correlation defines a relationship between two independent variables. It tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.

Linear Correlation

A correlation is used to determine the relationships between numerical and categorical variables. In other words, it is an indicator of how things are connected to one another. The correlation analysis is the study of how variables are related.

Regression Analysis

Regression analysis is a statistical method in which it estimates the relationship between a dependent variable and one or more independent variable. In simple terms dependent variable is called as outcome variable and independent variable is called as predictors. Regression analysis is one of the methods to find the trends in data. The independent variable used in Regression analysis is named Predictor variable. It offers data of an associated dependent variable regarding a particular outcome.

Question

c) The store owner lets you know they are introducing a new bike. Using your model above what is your prediction
for the price of the new bike if the bike weighs 17 pounds and is American Made.

Searching for solitary activities this past year you have gotten into road biking. Looking to upgrade your ride for next
year you have been looking at high end bikes. Using data from your local bike store you ran a regression on the ten
brands they carry. The output is shown below.
Your independent variable was Price. AmericanMade is a dummy variable with a 1 for Bikes made in the US and a 0 for
Bikes made elsewhere. Weight is measured in pounds.
SUMMARY
OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R
Square
0.935
0.875
0.839
Standard Error
964.770
Observations
10
ANOVA
df
S
MS
F
Significance F
Regression
Residual
Total
2 45605338 22802669 24.49844
0.000691
7
6515462
930780.3
9 52120800
Standard
Upper
Lower
Upper
Coefficients
Error
t Stat
P-value
Lower 95%
95%
95.0%
95.0%
36268.56
Intercept
AmericanMade
27877.15
3548.73
7.86
0.0001
19485.74 36268.56
19485.74
551.15
693.75
0.79
0.4530
-1089.31
2191.60
-1089.31
2191.60
Weight (Ibs)
-1390.84
215.62
-6.45
0.0004
-1900.69
-880.99
-1900.69
-880.99
a) Write out the regression equation using the results from above.
b) Interpret the coefficient on Weight.

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