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Answer to Question #5488 in Statistics and Probability for Kendra Leatherwood
Question #5488
AJ AUCTION sells art drawings of little known artist at auction. The dealer is interested in the relationship between the final sale price ($) (Y) and the number of persons bidding on the drawing (X). A random sample of 20 drawing is selected.
Correlations (Pearson)
Correlation of salepric and bidders = 0.974
Regression Analysis
The regression equation is
salepric = 1008 + 324 bidders
Predictor Coef Stdev t ratio p
Constant 1007.6 214.5 4.70 0.000
bidders 324.11 17.90 18.11 0.000
s = 320.2 R sq = 94.8% R sq(adj) = 94.5%
Fit Stdev.Fit 95.0% C.I. 95.0% P.I.
4248.7 75.3 (4090.4, 4406.9) (3557.4, 4940.0)
Determine the index of determination and interpret this value.
Correlations (Pearson)
Correlation of salepric and bidders = 0.974
Regression Analysis
The regression equation is
salepric = 1008 + 324 bidders
Predictor Coef Stdev t ratio p
Constant 1007.6 214.5 4.70 0.000
bidders 324.11 17.90 18.11 0.000
s = 320.2 R sq = 94.8% R sq(adj) = 94.5%
Fit Stdev.Fit 95.0% C.I. 95.0% P.I.
4248.7 75.3 (4090.4, 4406.9) (3557.4, 4940.0)
Determine the index of determination and interpret this value.
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