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 (y, in dollars)by number of bidders (x)is the
Quadratic model $$E ( y ) = \beta _ { 0 } + \beta _ { 1 } x + \beta _ { 2 } x ^ { 2 }$$
This model was fit to data collected for a sample of 32 clocks sold at auction; a portion of the printout follows:

An outlier for the model is a clock with a residual that in absolute value. (Fill in the blank.)
A) exceeds 133
B) exceeds .893
C) is less than 266
D) exceeds 399

Question

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 (y, in dollars)by number of bidders (x)is the
Quadratic model $$E ( y ) = \beta _ { 0 } + \beta _ { 1 } x + \beta _ { 2 } x ^ { 2 }$$
This model was fit to data collected for a sample of 32 clocks sold at auction; a portion of the printout follows:

An outlier for the model is a clock with a residual that in absolute value. (Fill in the blank.)
A) exceeds 133 
B) exceeds .893 
C) is less than 266 
D) exceeds 399

Quizplus · Accepted Answer

The Answer of 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 (y, in dollars)by number of bidders (x)is the
Quadratic model $$E ( y ) = \beta _ { 0 } + \beta _ { 1 } x + \beta _ { 2 } x ^ { 2 }$$
This model was fit to data collected for a sample of 32 clocks sold at auction; a portion of the printout follows:

An outlier for the model is a clock with a residual that in absolute value. (Fill in the blank.)
A) exceeds 133 
B) exceeds .893 
C) is less than 266 
D) exceeds 399

A Collector of Grandfather Clocks Believes That the Price Received E(y)=β0+β1x+β2x2E ( y ) = \beta _ { 0 } + \beta _ { 1 } x + \beta _ { 2 } x ^ { 2 }E(y)=β0​+β1​x+β2​x2

A Collector of Grandfather Clocks Believes That the Price Received $E ( y ) = \beta _ { 0 } + \beta _ { 1 } x + \beta _ { 2 } x ^ { 2 }$