49. FILE The National Highway Association is studying the relationship between the number of bidders on a highway project and the winning (lowest) bid for the project. Of particular interest is whether the number of bidders increases or decreases the amount of the winning bid. Winning Bld Winning Bld Number of ($ millons), ($ millons), Number of Project Bidders, x y Project Bidders, x y 1 5.1 9 6 10.3 2 8.0 10 6 8.0 3 3 9.7 11 4 8.8 4 10 7.8 12 7 9.4 7.7 13 7 8.6 10 5.5 14 8.1 7 7 8.3 15 6 7.8 8. 11 5.5 a. Determine the regression equation. Interpret the equation. Do more bidders tend to increase or decrease the amount of the winning bid? b. Estimate the amount of the winning bid if there were seven bidders. c. A new entrance is to be constructed on the Ohio Turnpike. There are seven bidders on the project. Develop a 95% prediction interval for the winning bid. 589

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The National Highway Association is studying the relationship between the
number
of bidders on a highway project and the winning (lowest) bid for the project. Of
particular interest is whether the number of bidders increases or decreases the amount
of the winning bid.

49. FILE The National Highway Association is studying the relationship between the
number of bidders on a highway project and the winning (lowest) bid for the project. Of
particular interest is whether the number of bidders increases or decreases the amount
of the winning bid.
Winning Bld
($ mllons),
Winning Bld
($ mllons),
Number of
Number of
Project
Bldders, x
Project
Bidders, x
y
1
9
5.1
9
6
10.3
2
9
8.0
10
6
8.0
3
3
9.7
11
4
8.8
4
10
7.8
12
7
9.4
7.7
13
7
8.6
10
5.5
14
7
8.1
7
7
8.3
15
6
7.8
11
5.5
a. Determine the regression equation. Interpret the equation. Do more bidders tend to
increase or decrease the amount of the winning bid?
b. Estimate the amount of the winning bid if there were seven bidders.
c. A new entrance is to be constructed on the Ohio Turnpike. There are seven bidders
on the project. Develop a 95% prediction interval for the winning bid.
d. Determine the coefficient of determination. Interpret its value.
co st cO
Transcribed Image Text:49. FILE The National Highway Association is studying the relationship between the number of bidders on a highway project and the winning (lowest) bid for the project. Of particular interest is whether the number of bidders increases or decreases the amount of the winning bid. Winning Bld ($ mllons), Winning Bld ($ mllons), Number of Number of Project Bldders, x Project Bidders, x y 1 9 5.1 9 6 10.3 2 9 8.0 10 6 8.0 3 3 9.7 11 4 8.8 4 10 7.8 12 7 9.4 7.7 13 7 8.6 10 5.5 14 7 8.1 7 7 8.3 15 6 7.8 11 5.5 a. Determine the regression equation. Interpret the equation. Do more bidders tend to increase or decrease the amount of the winning bid? b. Estimate the amount of the winning bid if there were seven bidders. c. A new entrance is to be constructed on the Ohio Turnpike. There are seven bidders on the project. Develop a 95% prediction interval for the winning bid. d. Determine the coefficient of determination. Interpret its value. co st cO
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