Bicycling World, 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 the weight of the bicycle. The following data show the weight (pounds) and price ($) for ten racing bicycles reviewed by the magazine. Click on the datafile logo to reference the data. Model Weight (lb) Price ($) Fierro 7B 17.9 2,200 HX 5000 16.2 6,350 Durbin Ultralight 15.0 8,470 Schmidt 16.0 6,300 WSilton Advanced 17.3 4,100 Bicyclette vélo 13.2 8,700 Supremo Team 16.3 6,100 XTC Racer 17.2 2,680 D'Onofrio Pro 17.7 3,500 Americana #6 14.2 8,100 (b) Use the data to develop an estimated regression equation that could be used to estimate the price for a bicycle given its weight. What is the estimated regression model? Let x represent the bicycle weight. If required, round your answers to two decimal places. For subtractive or negative numbers use a minus sign even if there is a + sign before the blank. (Example: -300) = + x (e) The manufacturers of the D'Onofrio Pro plan to introduce the 16.4 lb D'Onofrio Elite bicycle later this year. Use the regression model you estimated in part (b) to predict the price of the D'Ononfrio Elite. If required, round your answer to the nearest whole number. Do not round intermediate calculations. $

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

See similar textbooks

Related questions

Question

Bicycling World, 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 the weight of the bicycle. The following data show the weight (pounds) and price ($) for ten racing bicycles reviewed by the magazine.

Click on the datafile logo to reference the data.

Model	Weight (lb)	Price ($)
Fierro 7B	17.9	2,200
HX 5000	16.2	6,350
Durbin Ultralight	15.0	8,470
Schmidt	16.0	6,300
WSilton Advanced	17.3	4,100
Bicyclette vélo	13.2	8,700
Supremo Team	16.3	6,100
XTC Racer	17.2	2,680
D'Onofrio Pro	17.7	3,500
Americana #6	14.2	8,100

(b)	Use the data to develop an estimated regression equation that could be used to estimate the price for a bicycle given its weight. What is the estimated regression model?
	Let x represent the bicycle weight.
	If required, round your answers to two decimal places. For subtractive or negative numbers use a minus sign even if there is a + sign before the blank. (Example: -300)
	= + x

(e)	The manufacturers of the D'Onofrio Pro plan to introduce the 16.4 lb D'Onofrio Elite bicycle later this year. Use the regression model you estimated in part (b) to predict the price of the D'Ononfrio Elite.
	If required, round your answer to the nearest whole number. Do not round intermediate calculations.
	$

Expert Solution