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9 (5 total points) Use Auction.xls An antique collector believes that the price received for a particular item increases with its age and with the
9 (5 total points) Use Auction.xls An antique collector believes that the price received for a particular item increases with its age and with the number of bidders. The file auction.xlsx contains data on these three variables for 32 recently auctioned comparable items. The first column is the price at which the item sold (AucPrice in dollars), the second column is the age of the item (AgeofItem in years) and the third column is the number of participating bidders (Bidders). The other columns are the logs of these variables - so lnprice is log(Auction Price) (5 pts) You want to know the auction price elasticity with respect to (i) the age of antiques and (ii) number of bidders? Please write down the regression model and report the price elasticities of age and number of bidders
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