23 May An Antique Collector Believes That The Price Received For A Particular Item Increases With Its Age
An antique collector believes that the price received for a particular item increases with its age and with the number of bidders. The file P14_14.xlsx contains data on these three variables for 32 recently auctioned comparable items. 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? Interpret the standard error of estimate and the R-square value for these data.
| Item | Auction Price (Y) | Age of Item (X1) | Number Bidders (X2) |
| 1 | $946 | 113 | 9 |
| 2 | $1,336 | 126 | 10 |
| 3 | $744 | 115 | 7 |
| 4 | $1,979 | 182 | 11 |
| 5 | $1,522 | 150 | 9 |
| 6 | $1,235 | 127 | 13 |
| 7 | $1,483 | 159 | 9 |
| 8 | $1,152 | 117 | 13 |
| 9 | $1,545 | 175 | 8 |
| 10 | $1,262 | 168 | 7 |
| 11 | $845 | 127 | 7 |
| 12 | $1,055 | 108 | 14 |
| 13 | $1,253 | 132 | 10 |
| 14 | $1,297 | 137 | 9 |
| 15 | $1,147 | 137 | 8 |
| 16 | $1,080 | 115 | 12 |
| 17 | $1,550 | 182 | 8 |
| 18 | $1,047 | 156 | 6 |
| 19 | $1,792 | 179 | 9 |
| 20 | $729 | 108 | 6 |
| 21 | $854 | 143 | 6 |
| 22 | $1,593 | 187 | 8 |
| 23 | $1,175 | 111 | 15 |
| 24 | $1,713 | 137 | 15 |
| 25 | $1,356 | 194 | 5 |
| 26 | $1,822 | 156 | 12 |
| 27 | $1,884 | 162 | 11 |
| 28 | $1,024 | 117 | 11 |
| 29 | $2,131 | 170 | 14 |
| 30 | $785 | 111 | 7 |
| 31 | $1,092 | 153 | 6 |
| 32 | $2,041 | 184 | 10 |
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