Problem 18 - Chapter 10 -Regression An antique collector believes that the price received for a particular item increase with its age and with the number of bidders. The file P10_18.xls contains data on these three variables for several recently auctioned comparable items. a) 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? b) Interpret the standard error of estimate se and R2. Does it appear that prediction of price from this equation will be very accurate? c) Are both independent variables useful in explaining the price received for an item? Explain your answer. d) You are trying to estimate the price of a new item that is 125 years old and has 8 bidders. What is the expected price for this item? What is the 95% confidence interval for the price? Problem 18 - Chapter 10 -Regression An antique collector believes that the price received for a particular item increase with its age and with the number of bidders. The file P10_18.xls contains data on these three variables for several recently auctioned comparable items. a) 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? b) Interpret the standard error of estimate se and R2. Does it appear that prediction of price from this equation will be very accurate? c) Are both independent variables useful in explaining the price received for an item? Explain your answer. d) You are trying to estimate the price of a new item that is 125 years old and has 8 bidders. What is the expected price for this item? What is the 95% confidence interval for the price