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 22 23 28 41 50 Number of Bids 2 3 4 5 9 Table

Step 1 of 6 : Find the estimated slope. Round your answer to three decimal places.

Answer 1

Solution :

X	Y	XY	X^2	Y^2
22	2	44	484	4
23	3	69	529	9
28	4	112	784	16
41	5	205	1681	25
50	9	450	2500	81

n	5
sum(XY)	880.00
sum(X)	164.00
sum(Y)	23.00
sum(X^2)	5978.00
sum(Y^2)	135.00
Numerator	628.00
Denominator	661.15
r	0.9499
r square	0.9022
Xbar(mean)	32.8000
Ybar(mean)	4.6000
SD(X)	10.9435
SD(Y)	2.4166
b	0.2098
a	-2.2799

Step 1:

Slope = b1 = 0.2098 = 0.210