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Interpretations of the regression model

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Wine prices, part 2.

Here are some more interpretations of the regression model to predict the price of wine devel- oped in Exercise 24. One of these interpretations is correct. Which is it? Explain what is wrong with the others.

a) The minimum price for a bottle of wine that has not aged is $6.25.

b) The price for a bottle of wine increases on average about $.55 for each year it ages, after allowing for the ef- fects of tasting score.

c) Each year a bottle of wine ages, its tasting score in- creases by 1.22.

d) Each dollar increase in the price of wine increases its tasting score by 1.22.

Reference no: EM131008165

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