The table below gives the list price and the number of bids received for five randomly selected items sold through onlin
Posted: Wed May 11, 2022 2:33 pm
The table below gives the list price and the number of
bids received for five randomly selected items sold through online
auctions. Using this data, consider the equation of the regression
line, yˆ=b0+b1x, for predicting the number of bids an item will
receive based on the list price. Keep in mind, the correlation
coefficient may or may not be statistically significant for the
data given. Remember, in practice, it would not be appropriate to
use the regression line to make a prediction if the correlation
coefficient is not statistically significant.
Price in Dollars 24 26 44 46 49
Number of Bids 1 2 3 4 9
Step 1 of 6: Find the estimated slope. Round
your answer to three decimal places.
Step 2 of 6: Find the estimated y-intercept.
Round your answer to three decimal places.
Step 3 of 6: Determine the value of the
dependent variable yˆ at x=0.
Step 4 of 6: Substitute the values you found in
steps 1 and 2 into the equation for the regression line to find the
estimated linear model. According to this model, if the value of
the independent variable is increased by one unit, then find the
change in the dependent variable yˆ.
Step 5 of 6: Find the estimated value of y when
x=46. Round your answer to three decimal places.
Step 6 of 6: Find the value of the coefficient
of determination. Round your answer to three decimal
places.
bids received for five randomly selected items sold through online
auctions. Using this data, consider the equation of the regression
line, yˆ=b0+b1x, for predicting the number of bids an item will
receive based on the list price. Keep in mind, the correlation
coefficient may or may not be statistically significant for the
data given. Remember, in practice, it would not be appropriate to
use the regression line to make a prediction if the correlation
coefficient is not statistically significant.
Price in Dollars 24 26 44 46 49
Number of Bids 1 2 3 4 9
Step 1 of 6: Find the estimated slope. Round
your answer to three decimal places.
Step 2 of 6: Find the estimated y-intercept.
Round your answer to three decimal places.
Step 3 of 6: Determine the value of the
dependent variable yˆ at x=0.
Step 4 of 6: Substitute the values you found in
steps 1 and 2 into the equation for the regression line to find the
estimated linear model. According to this model, if the value of
the independent variable is increased by one unit, then find the
change in the dependent variable yˆ.
Step 5 of 6: Find the estimated value of y when
x=46. Round your answer to three decimal places.
Step 6 of 6: Find the value of the coefficient
of determination. Round your answer to three decimal
places.