Thank you! An art collector is studying the relationship between the selling pri

Question

Thank you!

An art collector is studying the relationship between the selling price of a painting and two independent variables. The two independent variables are the number of bidders at the particular auction and the age of the painting, in years. A sample of 25 paintings reversed the following sample information. Develop a multiple regression equation using number of bidders and age of painting as independent variables to estimate the dependent variable auction price. (Round you answer to 2 decimal places.) Complete the following table: (Round your answer to 2 decimal places. Negative amounts should be indicated by a minus sign.) Discuss the equation. Does it surprise you that there is an inverse relationship between the number of bidders and the price of the painting? (Round your answer to 1 decimal place.) Create an interaction variable and include it in the regression equation. Complete the following table: (Round your answer to 8 decimal places. Negative amounts should be indicated by a minus sign.) What is the corresponding t value to the interaction item? Use the stepwise method and the independent variables for the number of bidders, the age of the painting, and the interaction between the number of bidders and the age of the painting. Which variables would you select? Complete the following table using stepwise method. (Round your answers to 2 decimal places. Negative amounts should be indicated by a minus sign.)

Explanation / Answer

a-1) Price = 2038.76 + 21.08*(Bidderes) +20.60*(Age)

a-2)

a-3) The price decreases by

b-1) Price = -78.79+331.73*(Bidders)+44.20*(Age)-3.47*(X1X2)

b-2)

C-2)

Predictor Coefficients Standard Error t Stat P-value Intercept 2038.755671 1211.000261 1.683530332 0.106410732 Bidders 21.07757617 43.24961262 0.487347167 0.630833205 Age 20.59915889 13.32517254 1.545883089 0.13639763

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