Age Number of bidders Auction Price 127 13 $1,235 115 12 1,080 127 7 845 150 9 1,522 156 6 1,047 182 11 1,979 156 12 1,822 132 10 1,253 137 9 1,297 113 9 946 137 15 1,713 117 11 1,024 137 8 1,147 153 6 1,092 117 13 1,152 126 10 1,336 170 14 2,131 182 8 1,550 162 11 1,884 184 10 2,041 143 6 845 159 9 1,483 108 14 1,055 179 9 1,545 108 6 729 179 9 1,792 111 15 1,175 187 8 1,593 111 7 785 115 7 744 194 5 1,356 168 7 1,262

Using the data set Auction Price Data, hypothesize a first-order model estimate of the price of the antiques.

a. Use scatter plots to plot the sample data. Interpret the plots.

b. Use the least squares method to estimate the unknown parameters ₀, ₁, and ₂.

c. Find the value of SSE that is minimized by the least squares method.

d. Estimate the standard deviation of the model, and interpret the results.

e. Interpret the coefficients.