Question
The sample regression for the auction price of antique clocks is shown below: Y = 1336.049 + 12.7413 Xli + 85.7640 X2i Se (175.2725)
The sample regression for the auction price of antique clocks is shown below: Y = 1336.049 + 12.7413 Xli + 85.7640 X2i Se (175.2725) (0.9123) (8.8019) t = (-7.6226) (13.9653) (9.7437) R-squared =0.8906; n =32 F-computed = 118.0585 where Y is the auction price, in thousands of dollars X1 is the age of the clock X2 is the number of bidders Se = standard error of respective parameter Determine whether the auction price is independent of the number of bidders using the six steps of hypothesis testing.
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