2. The table below gives the list price and the number of bidsreceived for five randomly selected items sold through onlineauctions. Using this data, consider the equation of the regressionline, yˆ=b0+b1x, for predicting the number of bids an item willreceive based on the list price. Keep in mind, the correlationcoefficient may or may not be statistically significant for thedata given. Remember, in practice, it would not be appropriate touse the regression line to make a prediction if the correlationcoefficient is not statistically significant.
Price in Dollars 21 33 37 42 49
Number of Bids 3 5 7 9 10
Step 1 of 6: Find the estimated slope. Round your answer tothree decimal places.
Step 2 of 6: Find the estimated y-intercept. Round your answerto three decimal places.
Step 3 of 6: Determine if the statement "Not all pointspredicted by the linear model fall on the same line" is true orfalse.
Step 4 of 6: Find the estimated value of y when x=37. Round youranswer to three decimal places.
Step 5 of 6: Find the error prediction when x=37. Round youranswer to three decimal places.
Step 6 of 6: Find the value of the coefficient of determination.Round your answer to three decimal places.
