The table below gives the list price and the number of bids received for five randomly selected items sold through online auctio
ns. Using this data, consider the equation of the regression line, yˆ=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.
col1 Price in Dollars 23 24 32 37 49
col2 Number of Bids 1 2 6 9 10
Step 2 of 6: Find the estimated y-intercept =-0.488
Step 3 of 6: Determine the value of the dependent variable yˆ at x=0 is = -0.488
Step 4 of 6: Determine if the statement "Not all points predicted by the linear model fall on the same line" is False
Step 5 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 =0.290
Step 6 of 6: Find the value of the coefficient of determination =0.928
col1 Price in Dollars 23 24 32 37 49
col2 Number of Bids 1 2 6 9 10
Step 2 of 6: Find the estimated y-intercept =-0.488
Step 3 of 6: Determine the value of the dependent variable yˆ at x=0 is = -0.488
Step 4 of 6: Determine if the statement "Not all points predicted by the linear model fall on the same line" is False
Step 5 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 =0.290
Step 6 of 6: Find the value of the coefficient of determination =0.928
1 answer:
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Answer:
1. $0.80 or 80 cents
2. 1.25 meters
Step-by-step explanation:
The equation p=0.8L represents the price p (in dollars) of a piece of nylon rope that is L meters long.
1. To find how much the nylon costs per meter, take L = 1 (this means you are calculating the price of a piece of nylon rope that is 1 meter long):
2. To find how long a piece of nylon rope that costs $1.00 is, substitute into the equation p = 1:
Answer:
Graph y = 2x
Step-by-step explanation:
First, let's get the equation into standard form. Distribute the 2 on the right.
Next, we want the variable "y" to be alone, so we at 4 to both sides.
That is our equation in standard y = mx + b form. "m" is our slope, while "b" is our y-intercept. Above , we don't have a value for b, therefore the line passes through the origin.
We do, however, have a slope, which can be thought of as or rise over run. To represent this, we can rewrite our slope as:
Meaning in each interval, the line goes up by 2 units, and moves forward by 1.