Question

In: Statistics and Probability

Consider the relationship between the number of bids an item on eBay received and the item's...

Consider the relationship between the number of bids an item on eBay received and the item's selling price. The following is a sample of 5 5 items sold through an auction.

Price in Dollars 22 29 36 44 49

Number of Bids 1 4 5 7 8

Step 1 of 5: Calculate the sum of squared errors (SSE). Use the values b0=−3.8884 and b1=0.2469 for the calculations. Round your answer to three decimal places.

Step 2 of 5:

Calculate the estimated variance of errors, s2ese2. Round your answer to three decimal places.

Step 3 of 5:

Calculate the estimated variance of slope, s2b1sb12. Round your answer to three decimal places.

Step 4 of 5:

Construct the 80% confidence interval for the slope. Round your answers to three decimal places.

Step 5 of 5:

Construct the 98% confidence interval for the slope. Round your answers to three decimal places.

Solutions

Expert Solution

Step 1 of 5: Calculate the sum of squared errors (SSE) =0.870

Step 2 of 5: Calculate the estimated variance of errors =0.290

Step 3 of 5: Calculate the estimated variance of slope =0.025

Step 4 of 5: Construct the 80% confidence interval for the slope =0.207 ; 0.287

Step 5 of 5: Construct the 98% confidence interval for the slope =0.135 ; 0.359


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