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 = bo + bx, for predicting the number of bids an item will receive based on the list price. Keep inmind, the correlation coefficient may or may not be statistically significant for the data given. Remember, in practice, it would not be appropriate touse the regression line to make a prediction if the correlation coefficient is not statistically significant.Price in Dollars212329 4350Number of Bids4TableCopy DataStep 4 of 6: According to the estimated linear model, if the value of the independent variable is increased by one unit, then the change in thedependent variable y is given by?

Correlation: This is the extent of the relationship between two variables. Regression: It is the…

Answered: the regression line to make a…

Math

Statistics

the regression line to make a prediction

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter4: Linear Functions

Section: Chapter Questions

Problem 30PT: For the following exercises, use Table 4 which shows the percent of unemployed persons 25 years or...

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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,
consider the equation of the regression line, y = bo + bx, 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
21
23
29 43
50
Number of Bids
4
Table
Copy Data
Step 4 of 6: According to the estimated linear model, if the value of the independent variable is increased by one unit, then the change in the
dependent variable y is given by?

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