Health experts recommend that runners drink 4 ounces of water every 15 minutes they run. Although handheld
Question:
a. Use these data to develop an estimated regression equation that could be used to predict the price of a hydration system given its weight.
b. Test the significance of the relationship at the .05 level of significance.
c. Did the estimated regression equation provide a good fit? Explain.
d. Assume that the estimated regression equation developed in part (a) will also apply to hydration systems produced by other companies. Develop a 95% confidence interval estimate of the price for all hydration systems that weigh 10 ounces.
e. Assume that the estimated regression equation developed in part (a) will also apply to hydration systems produced by other companies. Develop a 95% prediction interval estimate of the price for the Back Draft system produced by Eastern Mountain Sports.
Step by Step Answer:
Statistics For Business And Economics
ISBN: 9780538481649
11th Edition
Authors: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams