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A collector of grandfather clocks believes that the price received for the clocks at an auction ...

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A collector of grandfather clocks believes that the price received for the clocks at an auction ...

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; the resulting estimate of β₁ was -.31.

Interpret this estimate of β₁.

▸ β₁ is a shift parameter that has no practical interpretation.

▸ We estimate the auction price will increase $.31 for each additional bidder at the auction.

▸ We estimate the auction price will be -$.31 when there are no bidders at the auction.

▸ We estimate the auction price will decrease $.31 for each additional bidder at the auction.

Textbook

Statistics

Edition: 12^th

Authors: McClave, Sincich, Tamarack

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sarahlouhigg

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More solutions for this book are available here

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kaarnold98 Author

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