You may need to use the appropriate technology to answer this question. 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 its weight. The following data show the weight (pounds) and price ($) for 10 racing bicycles reviewed by the magazine. Model Weight (lb) Price ($) Model 1 18.0 2,300 Model 2 16.2 6,250 Model 3 15.1 8,370 Model 4 16.0 6,200 Model 5 17.2 4,200 Model 6 13.2 8,800 Model 7 16.4 6,200 Model 8 17.2 2,780 Model 9 17.8 3,600 Model 10 14.2 8,200 (a) Develop a scatter chart with weight as the independent variable. What does the scatter chart indicate about the relationship between the weight and price of these bicycles? The scatter chart indicates there may be a positive linear relationship between weight and price. The scatter chart indicates there may be a negative linear relationship between weight and price. The scatter chart indicates there may be no noticeable linear relationship between weight and price. Correct: Your answer is correct. (b) Use the data to develop an estimated regression equation that could be used to estimate the price in dollars (y) for a bicycle, given its weight (x) in pounds. What is the estimated regression model? (Round your numerical values to two decimal places.) = (c) Test whether the regression parameter 0 is equal to zero at a 0.05 level of significance. Find the p-value. (Round your answer to four decimal places.) p-value = State your conclusion. We reject H0. We can conclude that the y-intercept is not equal to zero. We fail to reject H0. We can conclude that the y-intercept is not equal to zero. We reject H0. We cannot conclude that the y-intercept is not equal to zero. We fail to reject H0. We cannot conclude that the y-intercept is not equal to zero. Correct: Your answer is correct. Test whether the regression parameter 1 is equal to zero at a 0.05 level of significance. (Use the t test.) Find the p-value. (Round your answer to four decimal places.) p-value = 0.000 Incorrect: Your answer is incorrect. State your conclusion. We fail to reject H0. We can conclude that there is a relationship between the weight and price of the bicycles. We fail to reject H0. We cannot conclude that there is a relationship between the weight and price of the bicycles. We reject H0. We can conclude that there is a relationship between the weight and price of the bicycles. We reject H0. We cannot conclude that there is a relationship between the weight and price of the bicycles. Correct: Your answer is correct. What are the correct interpretations of the estimated regression parameters? 0 is our estimate of the weight for a bicycle that has a price of $0. 1 is our estimate of the change in weight for a one dollar increase in price. 0 is our estimate of the change in weight for a one dollar increase in price. 1 is our estimate of the weight for a bicycle that has a price of $0. 0 is our estimate of the price for a bicycle that is zero pounds. 1 is our estimate of the change in price for a one pound increase in weight. 0 is our estimate of the change in price for a one pound increase in weight. 1 is our estimate of the price for a bicycle that is zero pounds. Correct: Your answer is correct. Are these interpretations reasonable? The interpretation of 0 is not Correct: Your answer is correct. reasonable and the interpretation of 1 is Correct: Your answer is correct. reasonable. (d) How much of the variation in the prices of the bicycles in the sample (in %) does the regression model you estimated in part (b) explain? (Round your answer to the nearest integer.) % (e) The manufacturers of the model 9 plan to introduce the 15-lb model bicycle later this year. Use the regression model you estimated in part (b) to predict the price (in dollars) of the 15-lb model bicycle. (Round your answer to the nearest integer.) $