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Author Question: A collector of grandfather clocks believes that the price received for the clocks at an auction ... (Read 725 times)

Alainaaa8

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on: Feb 14, 2020

Question 1

Consider the data given in the table below.



Plot the data on a scattergram. Does a second-order model seem to be a good fit for the data? Explain.

Question 2

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; a portion of the printout follows:


Find the p-value for testing H0: β2 = 0 against Ha: β2 > 0.
◦ .05
◦ .0016
◦ .36
◦ .18
Statistics ¦ McClave, Sincich, Tamarack ¦ 12th Edition
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Marked as best answer by Alainaaa8 on Feb 14, 2020

af

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Reply #1 on: Feb 14, 2020
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