An item not included in the table is a pair of New York Knicks tickets. The auctioneer started the bidding at $300. Find the best predicted winning bid. Is the result close to the actual winning bid of $250?

Find the regression equation using α = 0.05, letting the first variable be the predictor (x) variable. Find the indicated predicted value by following the prediction procedure summarized in Figure.

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Opening Bid 1500 500 500 400 300 Winning Bid 650 175125 275 125 Strategy for Predicting Values of y Is the regression equation a good model? The regression line graphed in the scatterplot shows that the line fits the points well . rindicates that there is a linear correlation. . The prediction is not much beyond the scope of the available sample data Yes. The regression equation is a good model No. The regression equation is not a good model. Substitute the given value of xinto the regression Regardless of the value of the best predicted value of y is the value of y (the mean of the yvalues) equation bothix