econ3300homework8

# econ3300homework8 - c Would you feel comfortable using the...

This preview shows page 1. Sign up to view the full content.

a. Use these data to develop an estimated regression equation to estimate the price of a day hiker and backpacking boot given the upper support rating. Intercept = 49.9307 X = 31.2079 (this is the slope) so, Y = 31.2079X + 49.9307 b. At the .05 level of significance, determine whether upper support and price are related. The upper support and price are related since the p-value = 0.0005 < 0.05.
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: c. Would you feel comfortable using the estimated regression equation developed in part (a) to estimate the price for a day hiker or backpacking boot given upper support rate? Yes, r = 0.89, which we have a strong correlation. d. Estimate the price for a day hiker with an upper support rating of 4. Y(4) = 31.2079(4) + 49.9307 = 174.762...
View Full Document

{[ snackBarMessage ]}

Ask a homework question - tutors are online