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

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8. Consider the relationship between the number of bids an itemon eBay received and the item's selling price. The following is asample of 5 items sold through an auction.
Price in Dollars 20 36 38 41 42
Number of Bids 5 5 5 8 8
Step 1 of 5: Calculate the sum of squared errors (SSE). Use thevalues b0= 2.1396 and b1= 0.1147 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 95% confidence interval for theslope. Round your answers to three decimal places.
Lower endpoint and Upper endpoint
Step 5 of 5: Construct the 90% confidence interval for theslope. Round your answers to three decimal places.
Lower endpoint and Upper endpoint

Answer & Explanation Solved by verified expert

4.4 Ratings (869 Votes)

I used R software to solve this questionR codes and outputpricec2036384142 bidsc55588 fitlmbidsprice summaryfitCalllmformula bids priceResiduals1 2 3 4 505658 12688 14981 11579 10432CoefficientsEstimate Std See Answer

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