Chapter 13, Problem 49CE

(a)

To determine

To create: The scatterplot of the data, and comment on the observation.

(b)

To determine

To calculate: The correlation coefficient between the variables, and interpret the results.

(c)

To determine

To obtain: A complete regression analysis and report and interpret the coefficient of determination.

(d)

To determine

To write: The regression equation to predict winning bid.

(e)

To determine

If the slope is significantly different from zero or not with reason.

(d)

To determine

To write: The regression equation to predict cost.

(e)

To determine

If the slope is significantly different from zero or not with reason.

(f)

To determine

To find: The estimated value of winning bid for $\text{Number of bidders}=7$ .

(g)

To determine

To find: The 95% prediction interval for winning bid for a $\text{number of bidders}=7$ .