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 ( , in dollars) by number of bidders is the quadratic model
This model was fit to data collected for a sample of 32 clocks sold at auction; a portion of the printout follows:
Give the -value for testing against .
A) .18
B) .05
C) .36
D) .0016
Correct Answer:
Verified
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