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 ($) for 10 racing bikes reviewed by the magazine.† Brand Weight Price ($) FELT F5 17.8 2,100 PINARELLO Paris 16.1 6,250 ORBEA Orca GDR 14.9 8,370 EDDY MERCKX EMX-7 15.9 6,200 BH RC1 Ultegra 17.2 4,000 BH Ultralight 386 13.1 8,600 CERVELO S5 Team 16.2 6,000 GIANT TCR Advanced 2 17.1 2,580 WILIER TRIESTINA Gran Turismo 17.6 3,400 SPECIALIZED S-works Amira SL4 14.1 8,000 (a) Use the data to develop an estimated regression equation that could be used to estimate the price for a bike given the weight. (Round your numerical values to the nearest integer). ŷ = (b) Compute r2. (Round your answer to three decimal places.) r2 = Did the estimated regression equation provide a good fit? The estimated regression equation did not provide a good fit, since r2 ≥ 0.55. The estimated regression equation did not provide a good fit, since r2 < 0.55. The estimated regression equation provided a good fit, since r2 < 0.55. The estimated regression equation provided a good fit, since r2≥ 0.55. (c) Predict the price (in dollars) for a bike that weighs 15 pounds. (Round your answer to the nearest dollar.) $
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 ($) for 10 racing bikes reviewed by the magazine.† Brand Weight Price ($) FELT F5 17.8 2,100 PINARELLO Paris 16.1 6,250 ORBEA Orca GDR 14.9 8,370 EDDY MERCKX EMX-7 15.9 6,200 BH RC1 Ultegra 17.2 4,000 BH Ultralight 386 13.1 8,600 CERVELO S5 Team 16.2 6,000 GIANT TCR Advanced 2 17.1 2,580 WILIER TRIESTINA Gran Turismo 17.6 3,400 SPECIALIZED S-works Amira SL4 14.1 8,000 (a) Use the data to develop an estimated regression equation that could be used to estimate the price for a bike given the weight. (Round your numerical values to the nearest integer). ŷ = (b) Compute r2. (Round your answer to three decimal places.) r2 = Did the estimated regression equation provide a good fit? The estimated regression equation did not provide a good fit, since r2 ≥ 0.55. The estimated regression equation did not provide a good fit, since r2 < 0.55. The estimated regression equation provided a good fit, since r2 < 0.55. The estimated regression equation provided a good fit, since r2≥ 0.55. (c) Predict the price (in dollars) for a bike that weighs 15 pounds. (Round your answer to the nearest dollar.) $
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Chapter1: Combinatorial Analysis
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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 ($) for 10 racing bikes reviewed by the magazine.†
| Brand | Weight | Price ($) |
|---|---|---|
| FELT F5 | 17.8 | 2,100 |
| PINARELLO Paris | 16.1 | 6,250 |
| ORBEA Orca GDR | 14.9 | 8,370 |
| EDDY MERCKX EMX-7 | 15.9 | 6,200 |
| BH RC1 Ultegra | 17.2 | 4,000 |
| BH Ultralight 386 | 13.1 | 8,600 |
| CERVELO S5 Team | 16.2 | 6,000 |
| GIANT TCR Advanced 2 | 17.1 | 2,580 |
| WILIER TRIESTINA Gran Turismo | 17.6 | 3,400 |
| SPECIALIZED S-works Amira SL4 | 14.1 | 8,000 |
(a)
Use the data to develop an estimated regression equation that could be used to estimate the price for a bike given the weight. (Round your numerical values to the nearest integer).
ŷ =
(b)
Compute
r2.
(Round your answer to three decimal places.)r2
=Did the estimated regression equation provide a good fit?
The estimated regression equation did not provide a good fit, since r2 ≥ 0.55. The estimated regression equation did not provide a good fit, since r2 < 0.55. The estimated regression equation provided a good fit, since r2 < 0.55. The estimated regression equation provided a good fit, since r2≥ 0.55.
(c)
Predict the price (in dollars) for a bike that weighs 15 pounds. (Round your answer to the nearest dollar.)
$
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