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...

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, 2003 Model Volume(fl oz.)Price ($)Fastdraw 20 10 Fastdraw Plus 2012 Fitness 2012 Access 2020 Access Plus 2425 Solo 2025 Serenade 2035 Solitaire 20 35 Gemini 40 45 Shadow 64 40 Express 2030 Lightning 2840 Elite 40 60 Extender 40 65 Stinger 32 65 GelFlask Belt 420 DelDraw 4 7 GelFlask Clip-on Holster 4 10 GelFlask Holster SS 4 10 Strider (W) 20 30 Solitude I.C.E. 2035 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 findings 2. 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.