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Author Question: A collector of grandfather clocks believes that the price received for the clocks at an auction ... (Read 58 times)

nramada

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on: Feb 14, 2020
A collector of grandfather clocks believes that the price received for the clocks at an auction increases with the number of bidders, but at an increasing (rather than a constant) rate. Thus, the model proposed to best explain auction price (y, in dollars) by number of bidders (x) is the quadratic model

E(y) = β0 + β1x + β2x2


This model was fit to data collected for a sample of 32 clocks sold at auction; the resulting estimate of  β1 was -.31.
Interpret this estimate of β1.
◦ β1 is a shift parameter that has no practical interpretation.
◦ We estimate the auction price will increase $.31 for each additional bidder at the auction.
◦ We estimate the auction price will be -$.31 when there are no bidders at the auction.
◦ We estimate the auction price will decrease $.31 for each additional bidder at the auction.
Statistics ¦ McClave, Sincich, Tamarack ¦ 12th Edition
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Marked as best answer by nramada on Feb 14, 2020

ryrychapman11

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Reply #1 on: Feb 14, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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nramada

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Reply 2 on: Feb 14, 2020
Great answer, keep it coming :)

dantucker

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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