Continuing Problem 18, suppose that the antique collector believes that the rate of increase of the auction price with the age of the item will be driven upward by a large number of bidders. How would you revise the multiple regression equation developed previously to model this feature of the problem?
a. Estimate your revised equation using the data in the file P10_18.xlsx.
b. Interpret each of the estimated coefficients in your revised model.
c. Does this revised model fit the given data better than the original multiple regression model?
Explain why or why not.

  • CreatedApril 01, 2015
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