A Collector of Grandfather Clocks Believes That the Price Received $y$

question 32

Multiple Choice

A collector of grandfather clocks believes that the price received for the clocks at an auction increases with the number of bidders, but at an increasing (rather than a constant) rate. Thus, the model proposed to best explain auction price ( $y$ , in dollars) by number of bidders $( x )$ is the quadratic model
$$E ( y ) = \beta _ { 0 } + \beta _ { 1 } x + \beta _ { 2 } x ^ { 2 }$$
This model was fit to data collected for a sample of 32 clocks sold at auction; a portion of the printout follows:

$\begin{array}{lrrrr}&\text { PARAMETER}&\text { STANDARD }&\text { TFOR } 0 \text { : }\\\text { VARIABLES}& \text { ESTIMATE } &\text { ERROR }& \text { PARAMETER }=0 & \text { PROB }>|\mathrm{T}|\\\\\text { INTERCEPT } & 286.42 & 9.66 & 29.64 & .0001 \\X & -.31 & .06 & -5.14 & .0016 \\\mathrm{X} \cdot \mathrm{X} & .000067 & .00007 & .95 & .3600 \\\hline\end{array}$


Find the $p$ -value for testing $H _ { 0 } : \beta _ { 2 } = 0$ against $H _ { \mathrm { a } } : \beta _ { 2 } > 0$ .

• A) .18
• B) .05
• C) .0016
• D) .36

Grasp the concept of operant conditioning, including reinforcement (positive and negative), punishment, and the law of effect.

Understand the application of reinforcement and punishment in real-life scenarios.

Acknowledge the role of biological predispositions in learning, such as preparedness for fear responses.

Differentiate between primary and secondary reinforcers and their role in shaping behavior.

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Definitions:

Peer Contributions

Efforts or input provided by individuals at the same level within an organization or group toward a common goal.

Scientific Method

A systematic, evidence-based approach for conducting research, involving observation, hypothesis formation, experimentation, and conclusion.

Independent Variables

Are presumed causes that influence dependent variables.

Dependent Variables

Outcomes of practical value and interest that are influenced by independent variables.