icycling, 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 ($) for 10 racing bikes reviewed by the magazine (Bicycling website, March 8, 2012). Brand Weight Price ($) FELT F5 17.8 2100 PINARELLO Paris 16.1 6250 ORBEA Orca GDR 14.9 8370 EDDY MERCKX EMX-7 15.9 6200 BH RC1 Ultegra 17.2 4000 BH Ultralight 386 13.1 8600 CERVELO S5 Team 16.2 6000
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
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 ($) for 10 racing bikes
reviewed by the magazine (Bicycling website, March 8, 2012).
Brand Weight Price ($)
FELT F5 17.8 2100
PINARELLO Paris 16.1 6250
ORBEA Orca GDR 14.9 8370
EDDY MERCKX EMX-7 15.9 6200
BH RC1 Ultegra 17.2 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.
b. Compute r2
. Did the estimated regression equation provide a good fit?
c. Predict the price for a bike that weighs 15 pounds.
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