Question

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, yˆ=b0+b1xy^=b0+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	109109	116116	117117	178178	179179
Number of Bids	1313	1414	1515	1818	1919

Table

Copy Data

Step 1 of 6:

Find the estimated slope. Round your answer to three decimal places.

Answer 1

X	Y	XY	X^2	Y^2
109	13	1417	11881	169
116	14	1624	13456	196
117	15	1755	13689	225
178	18	3204	31684	324
179	19	3401	32041	361

n	5
sum(XY)	11401.00
sum(X)	699.00
sum(Y)	79.00
sum(X^2)	102751.00
sum(Y^2)	1275.00

b	0.071
a	5.885

slope = 0.071