Consider the relationship between the number of bids an item on eBay received and the item's selling price. The following is a sample of 5 items sold through an auction. Price in Dollars 20 24 35 39 41 Number of Bids 4 5 6 8 9
Consider the relationship between the number of bids an item on eBay received and the item's selling price. The following is a sample of 5 items sold through an auction.
| Price in Dollars | 20 | 24 | 35 | 39 | 41 |
|---|---|---|---|---|---|
| Number of Bids | 4 | 5 | 6 | 8 | 9 |
| x | y | xy | x2 | y2 | |
|---|---|---|---|---|---|
| Item 1 | 20 | 4 | 80 | 400 | 16 |
| Item 2 | 24 | 5 | 120 | 576 | 25 |
| Item 3 | 35 | 6 | 210 | 1225 | 36 |
| Item 4 | 39 | 8 | 312 | 1521 | 64 |
| Item 5 | 41 | 9 | 369 | 1681 | 81 |
| Sum | 159 | 32 | 1091 | 5403 | 222 |
Calculate the sum of squared errors (SSE). Use the values b0=−0.3289 and b1=0.2116 for the calculations. Round your answer to three decimal places.
Calculate the estimated variance of errors, s2e. Round your answer to three decimal places.
Calculate the estimated variance of slope, sb12. Round your answer to three decimal places.
Construct the 90% confidence interval for the slope. Round your answers to three decimal places.
Construct the 98% confidence interval for the slope. Round your answers to three decimal places.
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