auct[1]-1.4.1.9.14.05.SMB.p42

auct[1]-1.4.1.9.14.05.SMB.p42 - Auction Problem: A random...

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Auction Problem : A random sample of 32 points from an auction of antique clocks is given below. We are trying to predict the price of a clock (in $) given its age (in years) and number of bidders. Assume the data below is in the order it occurred at an auction. (*The variable “Order” was added below) Order* Price(P) Age(A) NumBid(B) 1 1235 127 13 2 1080 115 12 3 845 127 7 4 1522 150 9 5 1047 156 6 6 1979 182 11 7 1822 156 12 8 1253 132 10 9 1297 137 9 10 946 113 9 11 1713 137 15 12 1024 117 11 13 1147 137 8 14 1092 153 6 15 1152 117 13 16 1336 126 10 17 2131 170 14 18 1550 182 8 19 1884 162 11 20 2041 184 10 21 854 143 6 22 1483 159 9 23 1055 108 14 24 1545 175 8 25 729 108 6 26 1792 179 9 27 1175 111 15 28 1593 187 8 29 785 111 7 30 744 115 7 31 1356 194 5 32 1262 168 7 Descriptive Statistics : Price(y)(in $) Mean 1327.15625 Std.Dev. 393.134395 Minimum 729 Maximum 2131 Count 32 Age(A)(in years) Mean 144.9375 Std.Dev. 27.3954758 Minimum 108 Maximum 194 Count 32 NumBid(B) Mean 9.53125
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This document was uploaded on 11/01/2011 for the course MANAGEMENT 385 at Rutgers.

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