Bicycling, the worlds leading cycling magazine, reviews hundreds of bicycles throughout the year. The magazines Road-Race category

Bicycling, the world€™s leading cycling magazine, reviews hundreds of bicycles throughout the year. The magazine€™s €œRoad-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).

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 15pounds.

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Price Weight 17.8 16.1 14.9 15.9 17.2 13.1 16.2 17.1 17.6 14.1 () 2100 6250 8370 6200 4000 8600 6000 2580 3400 8000 Brand FELT F5 PINARELLO Paris ORBEA Orca GDR EDDY MERCKX EMX-7 BH RC1 Ultegra BH Ultralight 386 CERVELO S5 Team GIANT TCR Advanced 2 WILIER TRIESTINA Gran Turismo SPECIALIZED S-Works Amira SL4