What is the estimated selling price of a clock that is 223 y

What is the estimated selling price of a clock that is 223 years old and with 12 bidders, to two decimal places? Use two (2) decimal places for each number in the calculation.

Solution

From the regression output, the regression model is

selling-price = -1336.72+ 12.74 Age + 85.82 Bidders

Here we have Age = 223 years, Bidders = 12 so the estimated selling price is

selling-price=-1336.72 + 12.74 * 223 + 85.82 * 12 = 2534.14

Hence, required estimated selling price is $2534.14.