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	21	26	28	35	43
Number of Bids	1	3	5	6	9

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:

Substitute the values you found in steps 1 and 2 into the equation for the regression line to find the estimated linear model. According to this model, if the value of the independent variable is increased by one unit, then find the change in the dependent variable y^ .

Step 4 of 6:

Determine the value of the dependent variable y^ at x=0 .

Step 5 of 6:

Find the estimated value of y when x=21 . Round your answer to three decimal places.

Step 6 of 6:

Find the value of the coefficient of determination. Round your answer to three decimal places.

Answer 1

Step 1 of 6: Find the estimated slope = 0.347

Step 2 of 6: Find the estimated y-intercept =-5.804 (try -5.818 if this comes wrong)

Step 3 of 6: change in the dependent variable 0.347

Step 4 of 6: Determine the value of the dependent variable =-5.804 (try -5.818 if this comes wrong)

Step 5 of 6: Find the estimated value of y =1.483 (try 1.469 if this comes wrong)

Step 6 of 6: Find the value of the coefficient of determination =0.957