An auctioneer of antique Iranian rugs kept records of his weekly auctions in order to determine the relationships among price, age of carpet or rug, number of people attending the auction, and the number of times the winning bidder had previously attended his auctions. He felt that, with this information, he could plan his auctions better, serve his steady customers better, and make a higher overall profit for himself. The results shown in the accompanying table were obtained. A). Write down the equation of the sample regression line and carefully interpret themeaning of the coefficients.B). At 5% level of significance, is there sufficient evidence of a linear relationshipbetween price and age? You must show all necessary work for your analysis to bestatistically valid.C). At 5% level of significance, is there sufficient evidence of a linear relationshipbetween price and audience size? You must show all necessary work for your analysisto be statistically valid.D). At 5% level of significance, is there sufficient evidence of a linear relationshipbetween price and previous attendance? You must show all necessary work for youranalysis to be statistically valid.E). At 5% level of significance, is there sufficient evidence to conclude that the linearmodel is useful? You must show all necessary work for your analysis to bestatistically valid.F). Assess the linear model and explain carefully the procedures used in the assessment.G). Carefully explain the concept of collinearity. Is there evidence of noticeablecollinearity as far as the statistical analysis you have performed in this problem? Explaincarefully. What is your recommendation about previous attendance as a variable in thelinear model and whether or not it contributes information for the prediction of price?Explain carefully.H). Examine the residual plots. Carefully explain what information each plot provides interms of the above study? An auctioneer of antique Iranian rugs kept records of his weekly auctions in order todetermine the relationships among price, age of carpet or rug, number of people attendingthe auction, and the number of times the winning bidder had previously attended hisauctions. He felt that, with this information, he could plan his auctions better, serve hissteady customers better, and make a higher overall profit for himself. The results shownin the accompanying table were obtained.Price (Dollars) Age1,0802,5401,490960Audience SizePrevious Attendance8040115080128555355452,1001,8202,2301,4901,6201,2601,8802,0802,1501,9401,8602,2402,9502,3701,2401,6202,1201,0901,8502,2201,4202,1401407095655140807806099065105570608.9071001005120853958090806.1359017512010150115105555370755120100505065659.1259576045811595

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