Question

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 109 113 155 167 170 Number of Bids 10 11 12 13 17 Table 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:

Find the estimated value of y when x=113x=113. Round your answer to three decimal places.

Step 4 of 6:

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

Step 5 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 yˆy^.

Step 6 of 6:

Find the value of the coefficient of determination. Round your answer to three decimal places.

Answer 1

The statistical software output for this problem is :

Step - 1) Slope = 0.073

Step - 2) Y-intercept = 2.104

Step - 3) estimated value = 10.410

Step - 4) true

Step - 5)  the change in the dependent variable ˆy is = slope = 0.073

Step - 6) the coefficient of determination = 0.648