Business Statistics The National Highway Association is studying the relationship between the number of

Business Statistics

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.

Number of Bidders	Winning Bid Price $millions
9	5.1
9	8
3	9.7
10	7.8
5	7.7
10	5.5
7	8.3
11	5.5
6	10.3
6	8
4	8.8
7	9.4
7	8.6
7	8.1
6	7.8

Can we conclude that there is a relationship between the number of bidders and winning bids?

Compute a scatter diagram.
Based on these data in the scatter diagram, does it appear that there is a relationship between the two variables? Yes or No.
Interpret:
Determine the coefficient of correlation. ________________________
Interpret:
Did we conclude that there is an association between the two variables? Yes or No.
Using the .05 as the significance level; test the significance of the correlation coefficient.
Determine the coefficient of determination. _____________________
Interpret:
Determine the standard error of estimate. ______________________
Interpret:
Determine the regression equation. Estimate the amount of the winning bid if there were seven bidders.
Develop a 95 percent confidence interval.
Interpret:
Develop a 95 percent prediction interval.