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: 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 variable yˆ Step 4 of 6: Determine if the statement "All points predicted by the linear model fall on the same line" is true or false. Step 5 of 6: Find the estimated value of y when x=39. Round your answer to three decimal places. Step 6 of 6: Find the value of the coefficient of determination. Round your answer to three decimal places.
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: 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 variable yˆ Step 4 of 6: Determine if the statement "All points predicted by the linear model fall on the same line" is true or false. Step 5 of 6: Find the estimated value of y when x=39. Round your answer to three decimal places. Step 6 of 6: Find the value of the coefficient of determination. Round your answer to three decimal places.
Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter1: Functions
Section1.2: The Least Square Line
Problem 8E
Related questions
Question
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: 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 variable yˆ
Step 4 of 6: Determine if the statement "All points predicted by the linear model fall on the same line" is true or false.
Step 5 of 6: Find the estimated value of y when x=39. Round your answer to three decimal places.
Step 6 of 6: Find the value of the coefficient of determination. Round your answer to three decimal places.
Transcribed Image Text: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, ŷ = 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
Number of Bids 3 4
23 30 32 39
er
45
6 8
5
Step 1 of 6: Find the estimated slope. Round your answer to three decimal places.
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