Designers of backpacks use exotic material such as supernylon Delrin, high-density ethylene, aircraft aluminum, and thermo molded floam to make packs that fit comfortably and distribute weight to eliminate pressure points. The following data show the capacity (cubic inches), comfort rating, and price (dollars) for 10 backpacks tested by Outside Magazine. Comfort was measured using a rating from 1 to 5, with a rating of 1 denoting average comfort and a rating of 5 denoting excellent comfort.Run a regression of price on comfort and capacity using Excel (data is given on the adjacent worksheet) and then answer the following questions.

Make sure to generate a proper Residual Plot (residuals versus 'predicted-y') as well as a proper Normal Probability Plot for this regression.

DATA:

AutoSave O Off) ECON 3300 Assign 2 - ANOVA Regression (1) - Excel Search Hailey Sutter HS X File Home Insert Draw Page Layout Formulas Data Review View Help Share Comments A1 X V Manufacturer and Model A B C D E F G H I J K L M Manufacturer and Model Capacity Comfort Price Place the regression output starting cell F2 below 2 Marmot Muir 1700 3 249 3 Gregory Whitney 5500 340 4 Osprey 75 4700 5 Lowe Alpomayo 90+20 5500 6 Arc'Teryx Bora 95 5300 7 The Works @ Mystery Ranch Jazz 5000 8 EMS 5500 5500 9 Dana Design Terraplane LTW 5800 10 Camp Trails Paragon II 4330 NUwUPpf 389 249 395 525 219 439 190 11 Kelly Bigfoot 5200 5200 250 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 ANOVA Question Regression Question Regression Data + Ready + 100% Type here to search O em a 4:57 PM 99+ X 7/7/2020 721AutoSave (O Off ) ECON 3300 Assign 2 - ANOVA Regression (1) - Excel Search File Home Insert Draw Page Layout Formulas Data Review View Help Q11 X V A B C D E F G H K L M N P 8 9 1. What is the interpretation of adjusted R-square for this problem? 10 11 12 13 2. What price would you predict for a backpack with a mean capacity of 4700 (cubic inches) and comfort rating of 3? (show equation and values used) 14 15 16 17 3. Provide the appropriate test statistic and p-value for assessing whether there is statisical evidence (i.e. statistical significance) that comfort aids in predicting price. 18 19 20 21 22 4. Provide an interpretation for the estimated regression coefficient of capacity. 23 On average, all else being equal, for each cubic inch increase in capacity, the price of the backpack decreases by $0.094 (or 9.4 cents). 24 25 26 5. Is the overall model significant at 0.05 level of significance? Why or Why not. 27 28 29 30 6. Does capacity aid in predicting price at 0.05 level of significance (i.e. is the coefficient statistcally significant at 0.05)? Why or Why not. 31 32 33 34 7. What is the 90% confidence interval for the estimated regression coefficient of comfort? 35 36 37