Concept explainers
Significance of Racing Bike Weight on Price. In exercise 20, data on x = weight (pounds) and y = price ($) for 10 road-racing bikes provided the estimated regression equation
20. Price and Weight of Bicycles. Bicycling, the world’s leading cycling magazine, reviews hundreds of bicycles throughout the year. Their “Road-Race” category contains reviews of bikes used by riders primarily interested in racing. One of the most important factors in selecting a bike for racing is the weight of the bike. The following data show the weight (pounds) and price ($) for 10 racing bikes reviewed by the magazine (Bicycling website).
- 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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Modern Business Statistics with Microsoft Office Excel (with XLSTAT Education Edition Printed Access Card) (MindTap Course List)
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