A collector of antique grandfather clocks believes that the price (in dollars) received for the clocks at an antique auction increases with the age of the clocks and with the number of bidders. Thus the model is hypothesized is where Y = auction price, x1 = age of clock (years) and x2 = number of bidders. A sample of 32 auction prices of grandfather clocks, along with their ages and the number of bidders, is given below. a) State the multiple regression equation. b) Interpret the meaning of the slopes b1 and b2 in the model. c) Interpret the meaning of the regression coefficient b0. d) Test H0: β2 = 0 against H1: β2 > 0. Interpret your finding. e) Use a 95% confidence interval to estimate β2. Interpret the p-value corresponding to the estimate β2. Does the confidence interval support your interpretation in d)? f) Determine the coefficient of multiple determination r2Y.12 and interpret its meaning. g) Perform a residual analysis on your results and determine the adequacy of the fit of the model. i) At α ± = 0.05, is there evidence of positive autocorrelation in the residuals? j) Suppose the collector, having observed many auctions, believes that the rate of increase of the auction price with age will be driven upward by a large number of bidders. In other words, the collector believes that the age of clock and the number of bidders should interact. Is there evidence to support his claim that the rate of change in the mean price of the clocks with age increases as the number of bidders increases? Should the interaction term (x1 x2) be included in the model? If so, what is the multiple regression equation?
Age (x1) Bidders (x2) Price (y) 127 13 1235 115 12 1080 127 7 845 150 9 1522 156 6 1047 182 11 1979 156 12 1822 132 10 1253 137 9 1297 113 9 946 137 15 1713 117 11 1024 137 8 1147 153 6 1092 117 13 1152 126 10 1336 170 14 2131 182 8 1550 162 11 1884 184 10 2041 143 6 854 159 9 1483 108 14 1055 175 8 1545 108 6 729 179 9 1792 111 15 1175 187 8 1593 111 7 785 115 7 744 194 5 1356 168 7 1262
Why Work with Us
Top Quality and Well-Researched Papers
We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.
Professional and Experienced Academic Writers
We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.
Free Unlimited Revisions
If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.
Prompt Delivery and 100% Money-Back-Guarantee
All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.
Original & Confidential
We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.
24/7 Customer Support
Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.
Try it now!
How it works?
Follow these simple steps to get your paper done
Place your order
Fill in the order form and provide all details of your assignment.
Proceed with the payment
Choose the payment system that suits you most.
Receive the final file
Once your paper is ready, we will email it to you.
Our Services
No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.
Essays
No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.
Admissions
Admission Essays & Business Writing Help
An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.
Reviews
Editing Support
Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.
Reviews
Revision Support
If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.