The table below givesthe list price and the number of bids received for five randomlyselected 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 thelist price. Keep in mind, the correlation coefficient may or maynot be statistically significant for the data given. Remember, inpractice, it would not be appropriate to use the regression line tomake a prediction if the correlation coefficient is notstatistically significant.
| Price in Dollars | 24 | 28 | 34 | 40 | 43 |
|---|
| Number of Bids | 2 | 4 | 6 | 8 | 10 |
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Step 1 of 6:
Find the estimatedslope. Round your answer to three decimal places.
Step 2 of 6:
Find the estimatedy-intercept. Round your answer to three decimal places.
Step 3 of 6:
According to theestimated linear model, if the value of the independent variable isincreased by one unit, then the change in the dependent variable y^is given by?
Step 4 of 6:
Determine the value ofthe dependent variable yˆ at x=0.
Step 5 of 6:
Determine if thestatement \"All points predicted by the linear model fall on thesame line\" is true or false.
Step 6 of 6:
Find the value of thecoefficient of determination. Round your answer to three decimalplaces.
