Summation table x y xy x2 y2 Item 1 21 2 42 441 4 Item 2 21 3 63 441 9 Item 3 27 7 189 729 49 Item 4 35 8 280 1225 64 Item 5 41 9 369 1681 81 Sum 145 29 943 4517 207 Step 1 of 5: Calculate the sum of squared errors (SSE). Use the values b0=−3.6801 and b1=0.3269 for
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 | 21 | 21 | 27 | 35 | 41 |
|---|---|---|---|---|---|
| Number of Bids | 2 | 3 | 7 | 8 | 9 |
Summation table
| x | y | xy | x2 | y2 | |
|---|---|---|---|---|---|
| Item 1 | 21 | 2 | 42 | 441 | 4 |
| Item 2 | 21 | 3 | 63 | 441 | 9 |
| Item 3 | 27 | 7 | 189 | 729 | 49 |
| Item 4 | 35 | 8 | 280 | 1225 | 64 |
| Item 5 | 41 | 9 | 369 | 1681 | 81 |
| Sum | 145 | 29 | 943 | 4517 | 207 |
Calculate the sum of squared errors (SSE). Use the values b0=−3.6801 and b1=0.3269 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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