Solution :
a). The required linear regression model is
Price = [tex]$-1242.986 + 75.017 \times \text{age of part} + 13.973 \times \text{ number of bidders}$[/tex]
b). The [tex]$\text{p-value}$[/tex] for the variable "Age of part" is 0.0000
Since the [tex]$\text{p-value}$[/tex] 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 [tex]$\text{p-value}$[/tex] is not less than [tex]$0.05$[/tex], 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.
