Question

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An antiques dealer is interested in factors that might influence the final selling price of grandfather clocks at auction. Her data includes the age of the clock (Age), the number of bidders (Bidders) at the auction, and the final selling price (Price) of the clocks SUMMARY OUTPUT Regression Statistics Multiple R 0.944834723 R Square 0.892722653 Adjusted R Square 0.885313526 Standard Error 139.1365018 Observations 32 ANOVA Significance F 8.76907E-15 2 Regression Residual Total SS MS F 4277159.703 2138580 120.6511 514034.5153 17725.33 4791194.219 29 31 Intercept Age Bidders Coefficients Standard Error Stor P-value -1336.722052 173.3561261 -7.71084 1.67E-08 12.73619884 0.902380487 14.114 1.6E-14 85.8151326 8.705756815 9.857286 9.14-11 Lower 95% Upper 95% - 1691.27514 -982.1689645 10.89062352 14.58177416 68.00996071 103.6204045 Report and interpret the 95% confidence interval for B1, the coefficient for Age. Read carefully. We are 95% confident, based on the method used to calculate the interval, that the true price for each additional year of age is between $68.01 and $103.62. holding the number of bidders fixed. We are 95% confident, based on the method used to calculate the interval, that when Age - 0. the true increase in mean selling price for grandfather clocks is between 5-1691 and 5-14.58, holding the number of bidders fixed. We are 95% confident based on the method used to calculate the interval, that 95% of grandfather clocks sell for $10.90 and $14.58, holding the number of bidders foed. We are 95% confident based on the method used to calculate the interval, that the true increase in mean price for each additional year of Age is between $10.89 and $14.58, holding the number of bidders fixed. We are 95% confident based on the method used to calculate the interval, that the true increase in mean price for each additional year of age is between $68.01 and $103.62, holding the number of bidders fixed. We are 95% confident based on the method used to calculate the interval, that the true mean price is $12.74 when the number of bidders is 0.

Answer 1

Ans:

From regression analysis table,95% confidence interval for slope coefficient of Age is (10.89, 14.58)

(after rounding off)

Fourth option is correct.

We are 95% confident,based on the method used to calculate the interval,that the true increase in mean price for each additional year of Age is between 10.89 and 14.58,holding the number of bidders fixed.