36. Continuing Problem 18, suppose that the antique collectorbelieves that the rate of increase of the auction price with theage of the item will be driven upward by a large number of bidders.How would you revise the multiple regression equation developedpreviously to model this feature of the problem? a. Estimate yourrevised equation using the data in the file P10_18.xlsx. b.Interpret each of the estimated coefficients in your revised model.c. Does this revised model fit the given data better than theoriginal multiple regression model? Explain why or why not.
Auction | Auction Price | Age of Item | Number Bidders | 1 | $946 | 113 | 9 | 2 | $1,336 | 126 | 10 | 3 | $744 | 115 | 7 | 4 | $1,979 | 182 | 11 | 5 | $1,522 | 150 | 9 | 6 | $1,235 | 127 | 13 | 7 | $1,483 | 159 | 9 | 8 | $1,152 | 117 | 13 | 9 | $1,545 | 175 | 8 | 10 | $1,262 | 168 | 7 | 11 | $845 | 127 | 7 | 12 | $1,055 | 108 | 14 | 13 | $1,253 | 132 | 10 | 14 | $1,297 | 137 | 9 | 15 | $1,147 | 137 | 8 | 16 | $1,080 | 115 | 12 | 17 | $1,550 | 182 | 8 | 18 | $1,047 | 156 | 6 | 19 | $1,792 | 179 | 9 | 20 | $729 | 108 | 6 | 21 | $854 | 143 | 6 | 22 | $1,593 | 187 | 8 | 23 | $1,175 | 111 | 15 | 24 | $1,713 | 137 | 15 | 25 | $1,356 | 194 | 5 | 26 | $1,822 | 156 | 12 | 27 | $1,884 | 162 | 11 | 28 | $1,024 | 117 | 11 | 29 | $2,131 | 170 | 14 | 30 | $785 | 111 | 7 | 31 | $1,092 | 153 | 6 | 32 | $2,041 | 184 | 10 |
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