Math Problem Statement

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, 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.

Price in Dollars 23 24 32 37 49 Number of Bids 1 2 6 9 10

Solution

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Math Problem Analysis

Mathematical Concepts

Regression Analysis
Linear Regression
Correlation Coefficient

Formulas

Regression line equation: ŷ = b₀ + b₁x
Correlation coefficient formula

Theorems

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Suitable Grade Level

Advanced High School