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. Bidders Price 9.0 5.1 9.0 8.0 3.0 9.7 10.0 7.8 5.0 7.7 10.0 5.5 7.0 8.3 11.0 5.5 6.0 10.3 6.0 8.0 4.0 8.8 7.0 9.4 7.0 8.6 7.0 8.1 6.0 7.8 GIVEN: correlation coefficient: - 0.7064 Slope: -0.4667 Coefficient of determination: 49.90% regression equation: ŷ= 11.2360 + (-4467)x FIND: Estimate the winning bid if there were seven bidders. Winning bid cost _________ millions. Explain. Compute the 95% prediction interval for a winning bid if there are seven bidders. [ _______________ , _______________ ] (Explain).
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
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.
| Bidders | Price |
| 9.0 | 5.1 |
| 9.0 | 8.0 |
| 3.0 | 9.7 |
| 10.0 | 7.8 |
| 5.0 | 7.7 |
| 10.0 | 5.5 |
| 7.0 | 8.3 |
| 11.0 | 5.5 |
| 6.0 | 10.3 |
| 6.0 | 8.0 |
| 4.0 | 8.8 |
| 7.0 | 9.4 |
| 7.0 | 8.6 |
| 7.0 | 8.1 |
| 6.0 | 7.8 |
GIVEN:
correlation coefficient : - 0.7064- Slope: -0.4667
- Coefficient of determination: 49.90%
- regression equation: ŷ= 11.2360 + (-4467)x
FIND:
- Estimate the winning bid if there were seven bidders. Winning bid cost _________ millions. Explain.
- Compute the 95% prediction interval for a winning bid if there are seven bidders. [ _______________ , _______________ ] (Explain).
Given
1)
The regression equation is
The winning bid if there were seven bidders is calculated by plug in as shown below
The winning bid cost is $8.1091 millions
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