Logo
Home Study Material Contact Search
AI Chat FREE
  1. mathematics
  2. statistics
  3. consider the relationship between the number of bi

Consider the relationship between the number of bids an item on eBay received and the item's selling...

Free

70.2K

Verified Solution

Question

Statistics

Consider therelationship between the number of bids an item on eBay receivedand the item's selling price. The following is a sample of 5 itemssold through an auction.

Price in Dollars109109132139194
Number of Bids1313151920

A. Calculate the sum of squared errors (SSE). Use the valuesb0=4.5256b0=4.5256 and b1=0.0840b1=0.0840 for the calculations.Round your answer to three decimal places.\

B. Calculate the estimated variance of errors, s2e. Round youranswer to three decimal places.

C. Calculate the estimated variance of slope, s2b1. Round youranswer to three decimal places.

D. Construct the 90%confidence interval for the slope. Roundyour answers to three decimal places. Lower endpoint: ____ Upperendpoint: ________

E. Construct the 95%confidence interval for the slope. Roundyour answers to three decimal places. Lower endpoint: ____ Upperendpoint: ________

Answer & Explanation Solved by verified expert
4.4 Ratings (541 Votes)

using excel>data>data analysis>Regression

we have

SUMMARY OUTPUT
Regression Statistics
Multiple R 0.88148
R Square 0.777006
Adjusted R Square 0.702675
Standard Error 1.808474
Observations 5
ANOVA
df SS MS F Significance F
Regression 1 34.18827 34.18827 10.45328 0.0481
Residual 3 9.811731 3.270577
Total 4 44
Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 90.0% Upper 90.0%
Intercept 4.52551 3.639997 1.243273 0.302075 -7.05858 16.1096 -4.04073 13.09175
price in dollars 0.084001 0.025981 3.233154 0.0481 0.001317 0.166684 0.022858 0.145143

A. the sum of squared errors (SSE) is 9.812

B. the estimated variance of errors, s2e is 1.808*1.808 =3.269

C. the estimated variance of slope, s2b1 is 0.026*0.026 = 0.000676

D. the 90%confidence interval for the slope

. Lower endpoint: 0.023 Upper endpoint: 0.145

E. the 95%confidence interval for the slope.

. Lower endpoint: 0.001 Upper endpoint: 0.167
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Programming
1.2K views

Discuss whether or not each of the following activities is a data mining task. Provide your...

Chemistry
1.2K views

How many unpaired electrons are in the following transition metal ions in an octahedral crystal field?...

Mechanical Engineering
1.2K views

In a thermofluids lab, a student is analysing a prototype single-pass cross-flow heat exchanger used to...

General Management
1.2K views

Discuss how 4 individuals seeking to form a business company may address the issue of compensations...

Basic Math
1.2K views

1 DC 9 aircraft leaves an airport from a runway whose bearing is N46 E...

Statistics
1.2K views

A company is interested to know the variation in yearly sales amount for all 5...

Calculus
1.2K views

Create a function of form f(x) = A sin(Bx - C) + D, where the...

Accounting
1.2K views

Discuss the accounting issues associated costing of the assets.

Accounting
1.2K views

For financial accounting and external reporting purposes, all selling and administrative expenses are treated as

Accounting
1.2K views

Kathleen Sebilus Inc. contribution format income statement for the most recent month is given below:...

Finance
1.2K views

1. You invested $1,400 in an account that pays 5 percent simple interest. How much...

Accounting
1.2K views

Preparing a Single Step and a Multiple-Step Income Statement Lewis Company's records show the following...