00:01
For this problem, we are told to consider the relationship between the number of bids an item on ebay received and the item selling price.
00:07
We're told that the following is a sample of five items sold through an auction.
00:12
For step one of five, at least, we are asked to calculate the sum of squared errors using the values b0 equals 2 .9547 and b1 equals 0 .0776 for the calculations.
00:25
So the first thing that we want to do here is find the predicted number of bids for each price in dollars.
00:36
So, one second here, the way that we can do this, and i'm just going to double check, do these numbers, yeah, these do make sense.
00:46
Okay, so we have the formula would be 2 .9547 as the intercept, less 0 .076 times x, or x, i'll sub -subs.
00:57
Institute x taking on the values of 122, 125, 171, 174, and 197.
01:08
Oh, let me fix this here...