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,y

=b

0

+b

1

x

y^=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 Dollars23

2324

2426

2633

3345

45Number of Bids3

36

67

78

89

9

Table

Copy Data

Step4of6:Substitute the values you found in steps 1 and 2 into the equation for the regression line to find the estimated linear model. According to this model, if the value of the independent variable is increased by one unit, then find the change in the dependent variabley

y^.