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1. Consider the relationship between the number of bids an item on eBay received and the...

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Basic Math

1. Consider the relationship between the number of bids an itemon eBay received and the item's selling price. The following is asample of 55 items sold through an auction.

Price in Dollars22222626272736364545
Number of Bids1144555577

Step 1 of 5: Calculate the sum of squared errors (SSE). Use thevalues b0= ?1.9336 and b1= 0.2030 for the calculations. Round youranswer to three decimal places.

Step 2 of 5: Calculate the estimated variance of errors, s2e.Round your answer to three decimal places.

Step 3 of 5: Calculate the estimated variance of slope, s2b1.Round your answer to three decimal places.

Step 4 of 5: Construct the 80% confidence interval for theslope. Round your answers to three decimal places.

Lower endpoint:

Upper endpoint:

Step 5 of 5: Construct the 98% confidence interval for theslope. Round your answers to three decimal places.

Lower endpoint:

Upper endpoint:

Answer & Explanation Solved by verified expert
3.7 Ratings (599 Votes)
step 1SSE SyySxy2Sxx5069Step 2 of 5error Variance 2 s2 SSEn21690Step 3 of 5Calculate the    See Answer
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