An antique collector thinks that the price received for the particular item raises with its age and with the number of bidders. The file P11_18.xlsx contains data on these three variables for 32 recently auctioned comparable items.
Formulate and estimate the multiple regression model by using the given data. Interpret each of estimated regression coefficients. Is the antique collector correct in believing that price received for item raises with its age and with number of bidders?