Question

Please help with this problem! It has five parts

uestion 5 of 11 Step 1 of 5 01:20:14 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 5 items sold through an auction. Price in Dollars 29 32 40 45 49 Number of Bids 2 3 7 89 Table Copy Data Step 1 of S: Calculate the sum of squared errors (SSE), Use the values bo calculations. Round your answer to three decimal places -8.3804 and b0.3636 for the Answer(How to Enter) 2 Points Keypad Tables Next

Answer 1

$Step~1:\\ X=Price~in~Dollars,~Y=No.~of~bids\\ The~ regression ~equation~ is\\ \hat{Y} = - 8.3804 + 0.3636X\\ Y_i:~2,~3,~7,~8,~9\\ \hat{Y}_i:~2.1640,~ 3.2548,~ 6.1636,~ 7.9816,~ 9.4360\\ SSE=\sum_{i=1}^5(Y_i-\hat{Y}_i)^2=0.982\\ Step~2:~s_e^2=MSE=SSE/3=0.982/3=0.327\\ Step~3:\\ S_{xx}=(29^2+32^2+40^2+45^2+49^2)-(29+32+40+45+49)^2/5=286\\ s_{b_1}^2=MSE/286=0.327/286=0.001\\ Step~4:\\ t_{0.025,3}=3.1824\\ 95\%~C.I.~for~slope~is\\ \left(b_1-t_{0.025,3}\times s_{b_1},~b_1+t_{0.025,3}\times s_{b_1} \right )=(0.263,~0.464)\\ Lower~endpoint:~0.263\\ Upper~endpoint:~0.464\\ Step~5:\\ t_{0.05,3}=2.3534\\ 90\%~C.I.~for~slope~is\\ \left(b_1-t_{0.05,3}\times s_{b_1},~b_1+t_{0.05,3}\times s_{b_1} \right )=(0.289,~0.438)\\ Lower~endpoint:~0.289\\ Upper~endpoint:~0.438\\$