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 + 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 27 36 37 48 50 Number of Bids 3 7 8 9 10
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 + 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 27 36 37 48 50 Number of Bids 3 7 8 9 10
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
Related questions
Question
Find the estimated slope. Round your answer to three decimal places.
Find the estimated y-intercept. Round your answer to three decimal places.
Determine if the statement "Not all points predicted by the linear model fall on the same line" is true or false.
Find the estimated value of y when x=36x=36. Round your answer to three decimal places
Find the value of the coefficient of determination. Round your answer to three decimal places.
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, y = 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
Number of Bids
27 36
37 48 50
3 7 8 9 10
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