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,
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 Dollars24
2428
2834
3440
4043
43Number of Bids2
24
46
68
810
10
Table
Copy Data
Step3of6:According to the estimated linear model, if the value of the independent variable is increased by one unit, then the change in the dependent variabley
y^is given by?
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