AUCTION PROBLEMEXECUTIVE SUMMARY
(12.31.03p.1)
Problem
:
Data for 32 antique clock sales has been obtained.
We are trying to predict the price (P) of a clock given the age (A) of the
clock and the number of bidders (B).
In addition, we have been asked to give a predicted price for a 175 year clock when there are 12
bidders, and a 90% confidence interval for this prediction.
Variable
Mean
Std.Dev.
Min
Max
Shape of Distribution
Price
____
______
____
_____
_________________
Age of clock
____
______
____
_____
_________________
# of bidders
____
______
____
_____
_________________
Order*
____
______
____
_____
_________________
Recommended Model:
P
ˆ
=_________ + ________*A + _________*B + ___________*A*B
Price(P) in units of $; Age of clock (A) in years, # of bidders (B).)
s
P.A,B,A*B
=$__________ , R
2
=__________;
Using this reduced second order model,
for a 175 year old antique clock with 12 bidders, we would
predict a Price
of
$______________ with 90% confidence interval for this
prediction given by the interval ($__________,____________)
[*Orderno relationship found in scatterplots or correlation matrix between Order and the dep. or indep. variables]

ANALYSIS
(written before Executive Summary)
Problem
:
Data for 32 antique clock sales has been obtained.
We are trying to predict the price (P) of a clock given the age (A) of the
clock and the number of bidders (B).
In addition, we have been asked to give a predicted price for a 175 year clock when there are 12
bidders, and a 90% confidence interval for this prediction.
Data
:
The data has been entered into the computer and printed out (p.___).
The data has been checked for accuracy and has been
verified to be the same as the data provided to us.
Price
: (in $), the dependent variable, has an average of _______, standard deviation of _______, ranges from a minimum value of
________ to a maximum of ________.
The shape of the distribution appears ____________________________ (p_____)
Age
: an independent variable, has an average of _______, standard deviation of _______, ranges from a minimum value of
_________ to a maximum of ___________.
The shape of the distribution appears _______________________________ (p._____)
Number of bidders
: an independent variable, has an average of ______, standard deviation of _______, ranges from a minimum
value of _______ to a maximum of _________.
The shape of the distribution appears _________________
______________. (p._________)
Order
: an independent variable, has an average of ____, standard deviation of ____ , ranges from a minimum value of
____ to a
maximum of ____.
The shape of the distribution appears uniform (p____)
Price (y)
vs independent variables
:
examining the corr. matrix (p_____), we see the following significant results: the corr.
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 Fall '10
 Szatrowski
 Regression Analysis, Sales, #, 90%, #Bid, 175 year

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