Question

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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 23 7 89 Table Copy Data Step 1 of S: Calculate the sum of squared errors (SSE). Use the values bo-8.3804 and b10.3636 for the calculations. Round your answer to three decimal places. AnswerHow to Enter) 2 Points Keypad Tables rev Next

Answer 1

data

price in dollar	number of bids
29	2
32	3
40	7
45	8
49	9

Using Excel

SUMMARY OUTPUT
Regression Statistics
Multiple R	0.987266635
R Square	0.974695408
Adjusted R Square	0.966260544
Standard Error	0.572077554
Observations	5
ANOVA
	df	SS	MS	F	Significance F
Regression	1	37.81818182	37.81818182	115.5555556	0.001721541
Residual	3	0.981818182	0.327272727
Total	4	38.8
	Coefficients	Standard Error	t Stat	P-value	Lower 95%	Upper 95%	Lower 90.0%	Upper 90.0%
Intercept	-8.381818182	1.343856545	-6.237137598	0.008312219	-12.65856948	-4.105066886	-11.54440104	-5.219235327
price in dollar	0.363636364	0.033827655	10.749677	0.001721541	0.255981668	0.471291059	0.284027598	0.44324513

1)

SSE = 0.982

2)

se^2 = MSE = 0.327

3)

s^2_b = 0.0338^2 = 0.0011

4)

95% confidence

lower = 0.256

upper = 0.471

5)

90% confidence level

lower = 0.284

upper = 0.443