Bicycling World, a magazine devoted to cycling, reviews hundreds of bicycles throughout the year. Its "Road-Race" category contains reviews of bicycles used by riders primarily interested in racing. One of the most important factors in selecting a bicycle for racing is the weight of the bicycle. The following data show the weight (pounds) and price ($) for ten racing bicycles reviewed by the magazine. Click on the datafile logo to reference the data. Model Weight (lb) Price ($) Fierro 7B 17.9 2,200 HX 5000 16.2 6,350 Durbin Ultralight 15.0 8,470 Schmidt 16.0 6,300 WSilton Advanced 17.3 4,100 Bicyclette vélo 13.2 8,700 Supremo Team 16.3 6,100 XTC Racer 17.2 2,680 D'Onofrio Pro 17.7 3,500 Americana #6 14.2 8,100 (b) Use the data to develop an estimated regression equation that could be used to estimate the price for a bicycle given its weight. What is the estimated regression model? Let x represent the bicycle weight. If required, round your answers to two decimal places. For subtractive or negative numbers use a minus sign even if there is a + sign before the blank. (Example: -300) = + x (e) The manufacturers of the D'Onofrio Pro plan to introduce the 16.4 lb D'Onofrio Elite bicycle later this year. Use the regression model you estimated in part (b) to predict the price of the D'Ononfrio Elite. If required, round your answer to the nearest whole number. Do not round intermediate calculations. $
Bicycling World, a magazine devoted to cycling, reviews hundreds of bicycles throughout the year. Its "Road-Race" category contains reviews of bicycles used by riders primarily interested in racing. One of the most important factors in selecting a bicycle for racing is the weight of the bicycle. The following data show the weight (pounds) and price ($) for ten racing bicycles reviewed by the magazine. Click on the datafile logo to reference the data. Model Weight (lb) Price ($) Fierro 7B 17.9 2,200 HX 5000 16.2 6,350 Durbin Ultralight 15.0 8,470 Schmidt 16.0 6,300 WSilton Advanced 17.3 4,100 Bicyclette vélo 13.2 8,700 Supremo Team 16.3 6,100 XTC Racer 17.2 2,680 D'Onofrio Pro 17.7 3,500 Americana #6 14.2 8,100 (b) Use the data to develop an estimated regression equation that could be used to estimate the price for a bicycle given its weight. What is the estimated regression model? Let x represent the bicycle weight. If required, round your answers to two decimal places. For subtractive or negative numbers use a minus sign even if there is a + sign before the blank. (Example: -300) = + x (e) The manufacturers of the D'Onofrio Pro plan to introduce the 16.4 lb D'Onofrio Elite bicycle later this year. Use the regression model you estimated in part (b) to predict the price of the D'Ononfrio Elite. If required, round your answer to the nearest whole number. Do not round intermediate calculations. $
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter13: Regression And Forecasting Models
Section: Chapter Questions
Problem 36P
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Bicycling World, a magazine devoted to cycling, reviews hundreds of bicycles throughout the year. Its "Road-Race" category contains reviews of bicycles used by riders primarily interested in racing. One of the most important factors in selecting a bicycle for racing is the weight of the bicycle. The following data show the weight (pounds) and price ($) for ten racing bicycles reviewed by the magazine.
Click on the datafile logo to reference the data.
Model | Weight (lb) | Price ($) |
Fierro 7B | 17.9 | 2,200 |
HX 5000 | 16.2 | 6,350 |
Durbin Ultralight | 15.0 | 8,470 |
Schmidt | 16.0 | 6,300 |
WSilton Advanced | 17.3 | 4,100 |
Bicyclette vélo | 13.2 | 8,700 |
Supremo Team | 16.3 | 6,100 |
XTC Racer | 17.2 | 2,680 |
D'Onofrio Pro | 17.7 | 3,500 |
Americana #6 | 14.2 | 8,100 |
(b) | Use the data to develop an estimated regression equation that could be used to estimate the price for a bicycle given its weight. What is the estimated regression model? |
Let x represent the bicycle weight. | |
If required, round your answers to two decimal places. For subtractive or negative numbers use a minus sign even if there is a + sign before the blank. (Example: -300) | |
= + x |
(e) | The manufacturers of the D'Onofrio Pro plan to introduce the 16.4 lb D'Onofrio Elite bicycle later this year. Use the regression model you estimated in part (b) to predict the price of the D'Ononfrio Elite. |
If required, round your answer to the nearest whole number. Do not round intermediate calculations. | |
$ |
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