What is the adjusted R for this new model? What does the R tell you about this model? Are all the slopes for the individual coefficients significant for this reduced model? Based on the above evidence, is the reduced model a good model? What is the resulting regression equation. Use the actual coefficient values and variable names. 3. What is the point prediction for the winning bid for a residential property coming up for auction on July 10, 1011 with an estimated value of $1,500,000? Use the regression equation in part 2 for the point prediction. Winning Bid Buyer: Forecast Nonresident Resident 4. Does this prediction change if there is a lot of interst in the property (that is, many bids are expected Compute a 95% prediction interval (PI) about the point predictions in part 3. Winning Bid 95% Buyer: PI Nonresident Upper P Lower P Resident Upper P Lower P 5. Does the prediction change if the resident is expected to be a nonresident