Table 12.5.1 shows data on Picasso paintings giving the price, area of canvas, and year for each one. a. Find
a. Find the regression equation to predict price from area and year.
b. Interpret the regression coefficient for area.
c. Interpret the regression coefficient for year.
d. What would you expect the sales price to be for a 1954 painting with an area of 4,000 square centimeters?
e. About how large are the prediction errors for these paintings?
f. What percentage of the variation in prices of Picasso paintings can be attributed to the size of the painting and the year in which it was painted?
g. Is the regression significant? Report the results of the appropriate test and interpret its meaning.
h. Does area have significant impact on price, following adjustment for year? In particular, are larger paintings worth significantly more or significantly less on average than smaller paintings from the same year?
i. Does year have a significant impact on price, following adjustment for area? What does this tell you about older versus newer paintings?
This problem has been solved!
Do you need an answer to a question different from the above? Ask your question!
Step by Step Answer:
Create a free account to access the answer
Cannot find your solution?
Post a FREE question now and get an answer within minutes. * Average response time.
Question Posted: November 11, 2015 04:04:05