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	23

27

35

39

43

Number of Bids	2

3

6

9

10

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 6 :

The value of the coefficient of determination = r ² = 0.978