Health experts recommend that runners drink 4 ounces of water every 15 minutes they run. Runners who run three to eight hours need a larger-capacity hip-mounted or over-the shoulder hydration system. The following data show the liquid volume (fl oz) and the price for 26 Ultimate Direction hip-mounted or over-the-shoulder hydration systems (Trail Runner Gear Guide, 2003).

a. Develop the estimated regression equation that can be used to predict the price of a hydration system given its liquid volume.
b. Use residual analysis to determine whether any outliers or influential observations are present. Briefly summarize your findings and conclusions.

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Price (fl oz) Fastdraw Fastdraw Plus Access Access Plus 24 Solitaire 45 Shadow SipStream Lightning Extender GelFlask Belt 65 65 GelFlask Clip-on Holster GelFlask Holster SS Strider (W) Solitude LC.E. Getaway LC.E Profile LC.E Traverse L.CE