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	2323	3434	4444	4646	5050
Number of Bids	11	22	44	99	1010

Table

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Step 4 of 6 :  

Find the estimated value of y when x=46x=46. Round your answer to three decimal places.

Answer 1

Using Excel we use, the regression equation is,

y-hat = -7.7841 + 0.3295x

Step 4) We want to predict y when x = 46

y-hat = -7.7841 + (0.3295 * 46)

=> y-hat = -7.7841 + 15.157

=> y-hat = 7.3729

=> y-hat = 7.373

Answer : 7.373