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

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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+b1xy^=b0+b1x, for predicting the number of bids an itemwill receive 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 Dollars2432334546
Number of Bids23679

Table

Copy Data

Step 1 of 6 :  

Find the estimated slope. Round your answer to three decimalplaces.

Answer & Explanation Solved by verified expert
4.0 Ratings (575 Votes)

Price in dollars (X) Number of bids (Y) (X-Xbar)2 (Y-Ybar)2 (X-Xbar)(Y-Ybar)
24 2 144 11.56 40.8
32 3 16 5.76 9.6
33 6 9 0.36 -1.8
45 7 81 2.56 14.4
46 9 100 12.96 36
180 27 350 33.2 99
36 5.4
beta1 0.282857
beta0 -4.78286

Estimated slope = beta 1 = 0.282857

Regression line

y = -4.78286 + 0.282857 (X)

Formula sheet

Price in dollars (X) Number of bids (Y) (X-Xbar)2 (Y-Ybar)2 (X-Xbar)(Y-Ybar)
24 2 =(A2-$A$8)^2 =(B2-$B$8)^2 =(A2-$A$8)*(B2-$B$8)
32 3 =(A3-$A$8)^2 =(B3-$B$8)^2 =(A3-$A$8)*(B3-$B$8)
33 6 =(A4-$A$8)^2 =(B4-$B$8)^2 =(A4-$A$8)*(B4-$B$8)
45 7 =(A5-$A$8)^2 =(B5-$B$8)^2 =(A5-$A$8)*(B5-$B$8)
46 9 =(A6-$A$8)^2 =(B6-$B$8)^2 =(A6-$A$8)*(B6-$B$8)
=SUM(A2:A6) =SUM(B2:B6) =SUM(C2:C6) =SUM(D2:D6) =SUM(E2:E6)
=A7/5 =B7/5
beta1 =E7/C7
beta0 =B8-B9*A8
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