Question

In: Statistics and Probability

Keep in mind, the correlation coefficient may or may not be statiscally signifcanct for the data...

Keep in mind, the correlation coefficient may or may not be statiscally signifcanct for the data given. remember, in practice, it would not be appropriate to use the regression line to make a prediction if the correlation is not statistically significant.

Price in Dollar 20 30 35 42 49
Number of Bids 3 4 5 6 9

Step 1: find the estimated slope. round to three decimal places

Step 2: Find the estimated y-intercept. round to three decimal places

Step 3: Determine if the statement "All points predicted by the linear model fall on the same line" is true or false."

Step 4: Find the estimated value of y when x=35 round to three decimal places

Step 5: Find the error prediction when x=35. round to three decimal places

Step 6: Find the value of the coefficient of determination. round to three decimal places

Solutions

Expert Solution

Solution: We can use the excel regression data analysis tool to find the answer to the given questions. The excel output is given below:

SUMMARY OUTPUT
Regression Statistics
Multiple R 0.952943258
R Square 0.908100853
Adjusted R Square 0.877467804
Standard Error 0.805866392
Observations 5
ANOVA
df SS MS F Significance F
Regression 1 19.25173808 19.25173808 29.64448133 0.012166824
Residual 3 1.948261924 0.649420641
Total 4 21.2
Coefficients Standard Error t Stat P-value Lower 95% Upper 95%
Intercept -1.543249798 1.325184219 -1.164554917 0.328387617 -5.760577418 2.674077822
Price in Dollar 0.197251415 0.03622832 5.444674584 0.012166824 0.081956731 0.312546099

Step 1: find the estimated slope. round to three decimal places

Answer:

Step 2: Find the estimated y-intercept. round to three decimal places

Answer:

Step 3: Determine if the statement "All points predicted by the linear model fall on the same line" is true or false."

Answer: False

Step 4: Find the estimated value of y when x=35 round to three decimal places

Step 5: Find the error prediction when x=35. round to three decimal places

Answer:

Step 6: Find the value of the coefficient of determination. round to three decimal places

Answer:

orchestra answered 2 years ago
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