An antiques dealer is interested in factors that might influ

An antiques dealer is interested in factors that might influence the final selling price of grandfather clocks at auction. Her data (from 32 previously auctioned clocks) includes the age of the clock (Age), the number of bidders (Bidders) at the auction, and the final selling price (Y) of the clocks.

Which of the following is the correct interpretation of b₂ , the estimated coefficient for Bidders? Read carefully.

When a clock is brand new and has no bidders, we estimate that the mean price of a grandfather clock is $85.82.

For each additional bidder, we estimate that the mean price of a grandfather clock decreases by about $7.70, holding Age fixed.

For each additional bidder, we estimate that the mean price of a grandfather clock increases by about $12.74, holding Age fixed.

For each additional bidder, we estimate that the actual price of a grandfather clock increases by about $85.82, holding Age fixed.

For each additional bidder, we estimate that the mean price of a grandfather clock increases by about $85.82, holding Age fixed

		When a clock is brand new and has no bidders, we estimate that the mean price of a grandfather clock is $85.82.
		For each additional bidder, we estimate that the mean price of a grandfather clock decreases by about $7.70, holding Age fixed.
		For each additional bidder, we estimate that the mean price of a grandfather clock increases by about $12.74, holding Age fixed.
		For each additional bidder, we estimate that the actual price of a grandfather clock increases by about $85.82, holding Age fixed.
		For each additional bidder, we estimate that the mean price of a grandfather clock increases by about $85.82, holding Age fixed

SUMMARY OUTPUT Rearession Statistics Multiple R R Square Adjusted R Square Standard Error Observations 0.944834723 0.892712653 0.885313526 133.1365018 32 ANOVA Sianificance F 24277159.703 2138580 120.6511 8.76907E-15 MS Regression Residual Total 29 514034.5153 17725.33 31 4791194.219 Intercept Age Bidders Coefficients Standard Error t Stat P-value Lower 95% Upper 95% 1336.722052173.3561261 -7,71084 1.67E-08 -1691.27514-982.1689645 12.736198840.902380487 14.114 1.6E-14 10.89062352 14.58177416 85.81513268.705756815 9.8572869.14E-11 68.00986071 103.6204045

Solution