econ3300homework8

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

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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.
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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...
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