# An antique collector believes that the price received for a - 94931

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## shri21

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An antique collector believes that the price received for a particular item increases with its age and with the number of bidders. The file P14_14.xlsx contains data on these three variables for 32 recently auctioned comparable items. Estimate a multiple regression equation using the given data. Interpret each of the estimated regression coefficients. Is the antique collector correct in believing that the price received for the item increases with its age and with the number of bidders? Interpret the standard error of estimate and the R-square value for these data. Item Auction Price (Y) Age of Item (X1) Number Bidders (X2) 1 \$946 113 9 2 \$1,336 126 10 3 \$744 115 7 4 \$1,979 182 11 5 \$1,522 150 9 6 \$1,235 127 13 7 \$1,483 159 9 8 \$1,152 117 13 9 \$1,545 175 8 10 \$1,262 168 7 11 \$845 127 7 12 \$1,055 108 14 13 \$1,253 132 10 14 \$1,297 137 9 15 \$1,147 137 8 16 \$1,080 115 12 17 \$1,550 182 8 18 \$1,047 156 6 19 \$1,792 179 9 20 \$729 108 6 21 \$854 143 6 22 \$1,593 187 8 23 \$1,175 111 15 24 \$1,713 137 15 25 \$1,356 194 5 26 \$1,822 156 12 27 \$1,884 162 11 28 \$1,024 117 11 29 \$2,131 170 14 30 \$785 111 7 31 \$1,092 153 6 32 \$2,041 184 10
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