The table below gives the list price and the number of bidsreceived for five randomly selected items sold through onlineauctions. Using this data, consider the equation of the regressionline, yˆ=b0+b1x, for predicting the number of bids an item willreceive based on the list price. Keep in mind, the correlationcoefficient may or may not be statistically significant for thedata given. Remember, in practice, it would not be appropriate touse the regression line to make a prediction if the correlationcoefficient is not statistically significant. Price in Dollars: 2223 35 38 49 Number of Bids 3 4 5 6 8
1. Find the estimated slope. Round your answer to three decimalplaces. 2. Find the value of the coefficient of determination.Round your answer to three decimal places. 3.Find the estimatedy-intercept. Round your answer to three decimal places 4.Determinethe value of the de[endent variable of ^y at x=0 5.According to theequation of the regression line, if the independent variable isincreased by one unit what is the change in the dependent variabley? 6.Not all points predicted by the linear model fall on the sameline True or False
