This topic contains a solution. Click here to go to the answer

Author Question: A collector of grandfather clocks believes that the price received for the clocks at an auction ... (Read 127 times)

nramada

  • Hero Member
  • *****
  • Posts: 580
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.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by nramada on Feb 14, 2020

ryrychapman11

  • Sr. Member
  • ****
  • Posts: 334
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.
Answer Preview
Only 25% of students answer this correctly




nramada

  • Member
  • Posts: 580
Reply 2 on: Feb 14, 2020
Gracias!


jordangronback

  • Member
  • Posts: 339
Reply 3 on: Yesterday
:D TYSM

 

Did you know?

About 60% of newborn infants in the United States are jaundiced; that is, they look yellow. Kernicterus is a form of brain damage caused by excessive jaundice. When babies begin to be affected by excessive jaundice and begin to have brain damage, they become excessively lethargic.

Did you know?

Not getting enough sleep can greatly weaken the immune system. Lack of sleep makes you more likely to catch a cold, or more difficult to fight off an infection.

Did you know?

After 5 years of being diagnosed with rheumatoid arthritis, one every three patients will no longer be able to work.

Did you know?

Children of people with alcoholism are more inclined to drink alcohol or use hard drugs. In fact, they are 400 times more likely to use hard drugs than those who do not have a family history of alcohol addiction.

Did you know?

Long-term mental and physical effects from substance abuse include: paranoia, psychosis, immune deficiencies, and organ damage.

For a complete list of videos, visit our video library