A supermarket sells pre-packaged packs of fish. A customer wants to determine if there is a linear relationship between theprice and weight of these packs. The customer collects a random sample of packs sold by this supermarket, and records the fish pack's price ($/kilogram) and the weight (kilograms).

Excel was then used to create a simple linear regression of price on weight. Here is a table of the sample data, with the Excel regression output:

a) Write the estimated simple linear regression equation, using the names of the variables.

b) Interpret the slope for the customer.

Estimate the price of a fish pack that weighs 15 kilograms. Comment on the reliability of your estimate.

Weight (kilograms) Price ($/kilogram) SUMMARY OUTPUT 0.10 18 3.00 7 Regression Statistics 0.75 10 Multiple R 0.626 1.00 12 R Square 0.392 0.10 25 Adjusted R Square 0.351 10.00 4 Standard Error 5.020 4.00 7 Observations 17 0.50 16 0.30 17 ANOVA 0.05 9 df SS MS F Significance F 0.10 23 Regression 1 243.5953161 243.6 9.668 0.007 0.80 15 Residual 15 377.9340956 25.2 0.75 13 Total 16 621.5294118 0.05 13 0.10 26 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% 0.40 13 Intercept 16.350 1.385 11.802 0.000 13.397 19.303 0.30 15 Weight (kilograms) -1.567 0.504 -3.109 0.007 -2.642 -0.493