An antique collector believes that the price received for a particular item increases with its age and
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An antique collector believes that the price received for a particular item increases with its age and the number of bidders. The file P13_18.XLS 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 computer-generated 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.
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Related Book For
Managerial Statistics
ISBN: 9780534389314
1st Edition
Authors: S. Christian Albright, Wayne L. Winston, Christopher Zappe
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