Case Problem 4 Health experts recommend that runners dr

Case Problem 4 Health experts recommend that runners drink 4 ounces of water every 15 minutes they run. Runners who run three to eight hours need a larger capacity hip mounted or over the Shoulder hydration system. The following data show the liquid volume (fl 0z) and the price for 26 Ultimate Direction hip-mounted or over the shoulder hydration systems. (Trial Runner Gear Guide 2003Model Volume(fl oz.) Price ($) Fastdraw 20 10 Fastdraw Plus 20 12 Fitness 20 12 Access 20 20 Access Plus 24 25 Solo 20 25 Serenade 20 35 Solitaire 20 35 Gemini 40 45 Shadow 64 40 Express 20 30 Lightning 28 40 Elite 40 60 Extender 40 65 Stinger 32 65 GelFlask Belt 4 20 DelDraw 4 7 GelFlask Clip-on Holster 4 10 GelFlask Holster SS 4 10 Strider (W) 20 30 Solitude I.C.E. 20 35 Getaway I.C.E. 40 55 Profile I.C.E. 64 50 Traverse I.C.E. 64 60 1. Use methods of descriptive statistics to summarize the data. Comment on the findings2. Develop the estimated regression equation that could be used to predict the Price of hydration system.3. At the 0.05 level of significance determine whether the Price of hydration system and its Liquid Volume are related.4. Explain if the estimated regression equation provide a good fit or not.
Attachments: