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Excel bicyclingworld - Saved Bicycling Worid, 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. DATA (a) Choose a scatter chart below with weight as the independent variable. Choose a scatter chart below with weight as the independent variable. 1) Exam (iii) (iv) What does the scatter chart indicate about the relationship between the weight and price of these bicycles? The scatter chart indicates there may be a linear relationship between weight and price. (b) Use the data to develop any stimated 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, rom sur answers to two decimal places. For subtractive or negative numbers use a minus sign even if there is a + siyn fore the blank. (Example: 300 ) y= (c) Test whether each of the regression parameters 0 and 1 is equal to zero at a 0.05 level of significance. What are the correct interpretations of the estimated regression parameters? Are these interpretations reasonable?. (i) We can conclude that neither 0 nor t are equal to zero, where 0 is the estimated change in price for a one pound weight increase and 1 is the estimated price for a bicycie weighing zero pounds. Neither interpretations are reasonable. (ii) We cannot conclude that elther 0 or 1 are equal to zero, where 0 is the estimated price for a bicycle weighing (c) Test whether each of the regression parameters 0 and 2 is equal to zero at a 0.05 level of significance. What are the correct interpretations of the estimated regression parameters? Are these interpretations reasonable? (i) We can conclude that neither 0 nor 1 are equal to zero, where 0 is the estimated change in price for a one pound weight increase and i is the estimated price for a bicycle weighing zero pounds. Neither interpretations are reasonable. (ii) We cannot conclude that either 0 or 1 are equal to zero, where 0 is the estimated price for a bicycle weighing zero pounds and t is the estimated change in price for a one pound weight increase. Both interpretations are reasonable. (iii) We can conclude that Seither nor r are equal to zero, where is the estimated price for a bicycle weighing zero pounds and 1 is the estimated change in price for a one pound weight increase. The interpretation of 0 is not reasonable but the interpretation of 1 is reasonable. (iv) We can canclude that 0=0 but 1=0, where 0 is the estimated price for a bicycle weighing zero pounds and 1 is this sted change in price for a one pound weight increase. The interpretation of 0 is not reasonable but the interpretation of t is reasonable. (d) How much of the variation in the prices of the bicycles in the sample does the regression model you estimated in part (b) explain? If required, round your answer to two decimal places. (e) The manufacturers of the D'Onofrio Pro plan to Introduce the 15.9lb 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. Excel bicyclingworld - Saved Bicycling Worid, 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. DATA (a) Choose a scatter chart below with weight as the independent variable. Choose a scatter chart below with weight as the independent variable. 1) Exam (iii) (iv) What does the scatter chart indicate about the relationship between the weight and price of these bicycles? The scatter chart indicates there may be a linear relationship between weight and price. (b) Use the data to develop any stimated 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, rom sur answers to two decimal places. For subtractive or negative numbers use a minus sign even if there is a + siyn fore the blank. (Example: 300 ) y= (c) Test whether each of the regression parameters 0 and 1 is equal to zero at a 0.05 level of significance. What are the correct interpretations of the estimated regression parameters? Are these interpretations reasonable?. (i) We can conclude that neither 0 nor t are equal to zero, where 0 is the estimated change in price for a one pound weight increase and 1 is the estimated price for a bicycie weighing zero pounds. Neither interpretations are reasonable. (ii) We cannot conclude that elther 0 or 1 are equal to zero, where 0 is the estimated price for a bicycle weighing (c) Test whether each of the regression parameters 0 and 2 is equal to zero at a 0.05 level of significance. What are the correct interpretations of the estimated regression parameters? Are these interpretations reasonable? (i) We can conclude that neither 0 nor 1 are equal to zero, where 0 is the estimated change in price for a one pound weight increase and i is the estimated price for a bicycle weighing zero pounds. Neither interpretations are reasonable. (ii) We cannot conclude that either 0 or 1 are equal to zero, where 0 is the estimated price for a bicycle weighing zero pounds and t is the estimated change in price for a one pound weight increase. Both interpretations are reasonable. (iii) We can conclude that Seither nor r are equal to zero, where is the estimated price for a bicycle weighing zero pounds and 1 is the estimated change in price for a one pound weight increase. The interpretation of 0 is not reasonable but the interpretation of 1 is reasonable. (iv) We can canclude that 0=0 but 1=0, where 0 is the estimated price for a bicycle weighing zero pounds and 1 is this sted change in price for a one pound weight increase. The interpretation of 0 is not reasonable but the interpretation of t is reasonable. (d) How much of the variation in the prices of the bicycles in the sample does the regression model you estimated in part (b) explain? If required, round your answer to two decimal places. (e) The manufacturers of the D'Onofrio Pro plan to Introduce the 15.9lb 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