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, ŷ = bo + b₁x, for predicting the number of bids an item will receive based on the list price. Keep in mind, the correlation coefficient may or may not be statistically significant for the data given. Remember, in practice, it would not be appropriate to use the regression line to make a prediction if the correlation coefficient is not statistically significant. Price in Dollars 24 26 44 46 49 Number of Bids 1 2 3 4 9 Table
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, ŷ = bo + b₁x, for predicting the number of bids an item will receive based on the list price. Keep in mind, the correlation coefficient may or may not be statistically significant for the data given. Remember, in practice, it would not be appropriate to use the regression line to make a prediction if the correlation coefficient is not statistically significant. Price in Dollars 24 26 44 46 49 Number of Bids 1 2 3 4 9 Table
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter4: Equations Of Linear Functions
Section4.6: Regression And Median-fit Lines
Problem 4GP
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Transcribed Image Text: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, ŷ = bo + b₁x, for predicting the number of bids an item will receive based on the list price. Keep in
mind, the correlation coefficient may or may not be statistically significant for the data given. Remember, in practice, it would not be appropriate to
use the regression line to make a prediction if the correlation coefficient is not statistically significant.
Price in Dollars 24 26 44
46 49
Number of Bids
1
2
3
4 9
Table
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