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 55 items sold through an auction. Price in Dollars 121 144 168 173 180 Number of Bids 14 14 16 19 19 Summation table x y xy x2 y2 Item 1 121 14 1694 14641 196 Item 2 144 14 2016 20736 196 Item 3 168 16 2688 28224 256 Item 4 173 19 3287 29929 361 Item 5 180 19 3420 32400 361 Sum 786 82 13105 125930 1370 Step 1 of 5:
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 55 items sold through an auction.
| Price in Dollars | 121 | 144 | 168 | 173 | 180 |
|---|---|---|---|---|---|
| Number of Bids | 14 | 14 | 16 | 19 | 19 |
Summation table
| x | y | xy | x2 | y2 | |
|---|---|---|---|---|---|
| Item 1 | 121 | 14 | 1694 | 14641 | 196 |
| Item 2 | 144 | 14 | 2016 | 20736 | 196 |
| Item 3 | 168 | 16 | 2688 | 28224 | 256 |
| Item 4 | 173 | 19 | 3287 | 29929 | 361 |
| Item 5 | 180 | 19 | 3420 | 32400 | 361 |
| Sum | 786 | 82 | 13105 | 125930 | 1370 |
Calculate the sum of squared errors (SSE). Use the values b0=2.1734 and b1=0.0905 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, s2b1. Round your answer to three decimal places.
Construct the 80% confidence interval for the slope. Round your answers to three decimal places.
Construct the 90% confidence interval for the slope. Round your answers to three decimal places.
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