An antique collector believes that the price received for a particular item increases with its age and the number of bidders. The file P10_18.xlsx contains data on these three variables for 32 recently auctioned comparable items.
a. Estimate an appropriate multiple regression model using the given data.
b. Interpret the ANOVA table for this model. In particular, does this set of explanatory variables provide at least some power in explaining the variation in price? Report a p-value for this hypothesis test.