Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You may need to use the appropriate technology to answer this question.Consider the following data on x = weight (pounds) and y = price ($)

You may need to use the appropriate technology to answer this question.Consider the following data on x = weight (pounds) and y = price ($) for 10 road-racing bikes.

Brand Weight Price ($)
A 17.8 2,100
B 16.1 6,250
C 14.9 8,370
D 15.9 6,200
E 17.2 4,000
F 13.1 8,600
G 16.2 6,000
H 17.1 2,580
I 17.6 3,300
J 14.1 8,000

These data provided the estimated regression equation

= 28,682 1,446x.

For these data, SSE = 7,080,262.93 and SST = 52,559,800. Use the F test to determine whether the weight for a bike and the price are related at the 0.05 level of significance.State the null and alternative hypotheses.

H0: 0 = 0 Ha: 0 0

H0: 1 = 0 Ha: 1 0

H0: 1 0 Ha: 1 = 0

H0: 1 0 Ha: 1 < 0

H0: 0 0 Ha: 0 = 0

Find the value of the test statistic. (Round your answer to two decimal places.)

Find the p-value. (Round your answer to three decimal places.)

p-value =

State your conclusion.

Do not reject H0. We conclude that the relationship between weight (pounds) and price ($) is significant.

Reject H0. We conclude that the relationship between weight (pounds) and price ($) is significant.

Do not reject H0. We cannot conclude that the relationship between weight (pounds) and price ($) is significant.

Reject H0. We cannot conclude that the relationship between weight (pounds) and price ($) is significant.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction To Business Analytics

Authors: Troy Adair

1st Edition

1119132002, 9781119132004

More Books

Students also viewed these Mathematics questions

Question

Do not come to the conclusion too quickly

Answered: 1 week ago

Question

Engage everyone in the dialogue

Answered: 1 week ago