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    Multiple regression: Antique collector

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    An antique collector believes that the price received for a particular item increases with its age and with the number of bidders. The attached file contains data on these three variables for 32 recently auctioned comparable items.

    a) Formulate and estimate a multiple regression model 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?

    b) Interpret the standard error of estimate Se and the coefficient of determination R2.

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    Solution Summary

    Multiple regression for Antique collectors are determined.