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, û = 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 105 145 156 173 186 Number of Bids | 13 | 14 | 15 | 18 | 19 Table Copy Data Step 1 of 6: Find the estimated slope. Round your answer to three decimal places.

Step 2 of 6:

Find the estimated y-intercept. Round your answer to three decimal places.

Step 3 of 6:

Find the estimated value of y when x=156x=156. Round your answer to three decimal places.

Step 4 of 6:

Determine if the statement "Not all points predicted by the linear model fall on the same line" is true or false.

Step 6 of 6:

Find the value of the coefficient of determination. Round your answer to three decimal places.

Answer 1

The statistic software output for this problem is:

Simple linear regression results: Dependent Variable: Numbers of B Independent Variable: Price in D Numbers of B = 4.0855665 + 0.076564925 Price in D Sample size: 5 R (correlation coefficient) = 0.9195882 R-sq -0.84564246 Estimate of error standard deviation: 1.1742774

Predicted values: X value Pred. Y s.e.(Pred. y) 95% C.I. for mean 95% P.I. for new 156 16.029695 0.52820035 (14.348726, 17.710664) (11.931965, 20.127424)

Slope = 0.077

Y intercept = 4.086

estimated value of y = 16.030

True

b0

the value of the coefficient of determination = 0.846