Logo
Home Study Material Contact Search
AI Chat FREE
  1. mathematics
  2. statistics
  3. the table below gives the list price and the numbe

The table below gives the list price and the number of bids received for five randomly...

70.2K

Verified Solution

Question

Statistics

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: 2223 35 38 49 Number of Bids 3 4 5 6 8

1. Find the estimated slope. Round your answer to three decimalplaces. 2. Find the value of the coefficient of determination.Round your answer to three decimal places. 3.Find the estimatedy-intercept. Round your answer to three decimal places 4.Determinethe value of the de[endent variable of ^y at x=0 5.According to theequation of the regression line, if the independent variable isincreased by one unit what is the change in the dependent variabley? 6.Not all points predicted by the linear model fall on the sameline True or False

Answer & Explanation Solved by verified expert
3.6 Ratings (597 Votes)
1 Sum of X 167Sum of Y 26Mean X 334Mean Y 52Sum of squares SSX 5052Sum of products SP    See Answer
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

Chemistry
1.2K views

An equilibrium mixture of N2, H2 and NH3 at 700K contains 0.036M H2 and 0.015M H2....

Physics
1.2K views

Question No 14 A body of mass 5 kg moves according to the relation x...

Physics
1.2K views

Equation sin cot implies that the 12 dt equation for i t the current as...

Geometry
1.2K views

What is mZIKJ H mZIKJ K 35 I Write your answer as an integer or...

Basic Math
1.2K views

Silvia is left an annuity of US 4000 in her uncle s will The annuity...

Algebra
1.2K views

Find the slope of the line graphed below e

Accounting
1.2K views

You are given the following budgeted and actual data for the Grey Company for each...

Accounting
1.2K views

Chapman Company obtains 100 percent of Abernethy Companys stock on January 1,2023. As of that...

Accounting
1.2K views

29. You have been asked by the president of your company to evaluate the proposed...

Accounting
1.2K views

Choose If margin of safety is $5,000, break even point is...

Accounting
1.2K views

Bingo Land Inc. has a defined benefit pension for their employees. For the fiscal year...

Accounting
1.2K views

Use cells B6 to C18 from the given information to complete this question. If overhead...