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	27	31	36	41	44
Number of Bids	4	5	6	7	10

Step 5 of 6 :  Find the estimated value of y when x=31. Round your answer to three decimal places.

coefficient of determination?

Answer 1

The statistical software output for this problem is:

From above output:

Step - 5: Estimated value = 4.912

Coefficient of determination = 0.883