The table below gives the list price and the number of bids received for five randomly selected items sold through online auctions. Using this data,consider the equation of the regression line, y = bo + bx, for predicting the number of bids an item will receive based on the list price. Keep inmind, the correlation coefficient may or may not be statistically significant for the data given. Remember, in practice, it would not be appropriate touse the regression line to make a prediction if the correlation coefficient is not statistically significant.Price in Dollars212329 4350Number of Bids4TableCopy DataStep 4 of 6: According to the estimated linear model, if the value of the independent variable is increased by one unit, then the change in thedependent variable y is given by?

Correlation: This is the extent of the relationship between two variables. Regression: It is the…

Answered: the regression line to make a…

Math

Statistics

the regression line to make a prediction

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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