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+b1xy^=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	23	25	27	31	37
Number of Bids	11	33	44	55	88

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 if the statement "Not all points predicted by the linear model fall on the same line" is true or false. 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. If the value of the independent variable is increased by one unit, then find the change in the dependent variable ^y. Step 5 of 6: According to the estimated linear model, if the value of the independent variable is increased by one unit, then the change in the dependent variable ˆy is given by? Step 6 of 6: Find the value of the coefficient of determination. Round your answer to three decimal places

Answer 1

Gtiven 231 Y46.2 2 3 2S 21 yu Na S S 5 37 23.2 . So 3511x-97.8.2143 §ーー91.321 +5.036乂 atate meut 4atre in noo bids y) on R033 oemie