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A new online auction site specializes in selling automotive parts for classic cars. The founder of the company believes that the price received for a
A new online auction site specializes in selling automotive parts for classic cars. The founder of the company believes that the price received for a particular item increases with its age (i.e., the age of the car on which the item can be used in years) and with the number of bidders. The multiple regression output is shown below. Summary measures Multiple R 0.8391 R-Square 0.7041 * dj R-Square 0.6783 StErr of Estimate 148.828 Regression coefficients _ Coefficient Std Err t-vaiue p-vaiue 1242.986 331.204 -3.7529 0.0010 ge of part 75.017 10.647 7.0459 0.0000 Number of Bidders 13.973 10.443 1.3380 0.1940
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