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Develop an estimated regression equation to estimate price

Outside Magazine tested 9 different models of day hikers and backpacking boots. The following data show the upper support and price for each model tested. Upper support was measured using a rating from 1 to 5, with a rating of 1 denoting average upper sup-port and a rating of 5 denoting excellent upper support.

Manufacturing & Model Upper Support Price

Salomon Super Raid 2                         120
Merrell Chameleon Prime                 3    125
Teva Challenger                            3                         130
Vasque Fusion GTX                        3 135
Boreal Maigmo     3    150
LL Bean GTX Sup Guide                   5    189
Lowa Kibo                                     5    190
Asolo AFX 520 GTX 4                          195
Raichle Mt Trail GTX                      4                          200

a. Use these data to develop an estimated regression equation to estimate the price of a day hiker and backpacking boot given the upper support rating.

b. At the .05 level of significance, determine whether upper support and price are related.

c. Would you feel comfortable using the estimated regression equation developed in part (a) to estimate the price for a day hiker or backpacking boot given the upper support rating?

d. Estimate the price for a day hiker with an upper support rating of 4.

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Basic Statistics: Develop an estimated regression equation to estimate price

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Solution Preview :

Prepared by a verified Expert

Basic Statistics: Develop an estimated regression equation to estimate price

Reference No:- TGS0687626

Have a Question? (oR Write a Review)

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Solution Preview :

Prepared by a verified Expert

Basic Statistics: Develop an estimated regression equation to estimate price

Reference No:- TGS0687626

Recent Questions Asked Basic Statistics

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