Table 2-14 gives the underlying data.

a. Plot clock prices against the age of the clock and against the number of bidders. Does this plot suggest that the linear regression models shown in Eq. (2.27) and Eq. (2.28) may be appropriate?

b. Would it make any sense to plot the number of bidders against the age of the clock? What would such a plot reveal?

AUCTION DATA ON PRICE, AGE OF CLOCK, AND NUMBER OF BIDDERS

a. Plot clock prices against the age of the clock and against the number of bidders. Does this plot suggest that the linear regression models shown in Eq. (2.27) and Eq. (2.28) may be appropriate?

b. Would it make any sense to plot the number of bidders against the age of the clock? What would such a plot reveal?

AUCTION DATA ON PRICE, AGE OF CLOCK, AND NUMBER OF BIDDERS

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