Solution :
a). The required linear regression model is
Price = 
b). The
for the variable "Age of part" is 0.0000
Since the
is less than 0.05, so it is significant to the model.
The p-value for the variable "Number of bidders" is 0.1940
Since
is not less than
, so it is significant to the model.
c). We cannot say that model is significant because variable " the number of bidders" is not significant.
But as both variables have positive coefficient so as the variable increases the price received for the item also increased.
16.06 divided by 22 = 0.73 so the answer would be 73 cents? Sorry im from the UK and don't know about dollars/cents
Answer:
2.67 and 4.67 I think .........