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.

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