Health experts recommend that runners drink 4 ounces of water every 15 minutes theyrun. Runners who run three to eight hours need a larger-capacity hip-mounted or over-theshoulderhydration system. The following data show the liquid volume (fl oz) and the pricefor 26 Ultimate Direction hip-mounted or over-the-shoulder hydration systems (TrailRunner Gear Guide, 2003).Volume PriceModel (fl oz) ($)Fastdraw 20 10Fastdraw Plus 20 12Fitness 20 12Access 20 20Access Plus 24 25Solo 20 25Serenade 20 35Solitaire 20 35Gemini 40 45Shadow 64 40SipStream 96 60Express 20 30Lightning 28 40Elite 40 60Extender 40 65Stinger 32 65GelFlask Belt 4 20GelDraw 4 7GelFlask Clip-on Holster 4 10GelFlask Holster SS 4 10Strider (W) 20 30Walkabout (W) 230 40Solitude I.C.E. 20 35Getaway I.C.E. 40 55Profile I.C.E. 64 50Traverse I.C.E. 64 60a. Develop the estimated regression equation that can be used to predict the price of ahydration system given its liquid volume.b. Use residual analysis to determine whether any outliers or influential observations arepresent. Briefly summarize your findings and conclusions.
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