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

11 years ago

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An antique collector believes that the price received for a particular item increases with its age

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an_antique_collector_believes_that_the_price_received_for_a_particular_item_increases.xlsx