# (Solved): 2. To answer this problem, use the excel file attached to Brightspace called "BicyclingWorid." The ...

2. To answer this problem, use the excel file attached to Brightspace called "BicyclingWorid." The excel data shows the weight (pounds) and price (5) for 10 racing bicycles. Use the data to develop an estimated regression equation that could be used to estimate the price in dollars for a bicycle. a) Based on the results of your regression, is there likely a relationship between the weight and price of bicycles? b) What is the p-value corresponding to a $$t$$ test that you could use to determine your answer to the previous question? c) How much of the variation in the sample values of price does the estimated regression model explain? d) You work for a manufacturing compamy that is planning to introduce a new 14 pound bicycle later this year. Use your regression results to predict the selling price of this bicycle. \begin{tabular}{|c|c|} \hline Weight & Price \\ \hline $$17.9$$ & 2200 \\ \hline $$16.2$$ & 6350 \\ \hline $$15.0$$ & 8470 \\ \hline $$16.0$$ & 6300 \\ \hline $$17.3$$ & 4100 \\ \hline $$13.2$$ & 8700 \\ \hline $$16.3$$ & 6100 \\ \hline $$17.2$$ & 2680 \\ \hline $$17.7$$ & 3500 \\ \hline $$14.2$$ & 8100 \\ \hline \end{tabular}

We have an Answer from Expert