[Solved] The National Highway Association is studying the relationship between the number of bidders on a highway project and the winning (lowest) bid for
Question: 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.
Project Number of Bidders Winning Bid
1 9 5.1
2 9 8.0
3 3 9.7
4 10 7.8
5 5 7.7
6 10 5.5
7 7 8.3
8 11 5.5
9 6 10.3
10 6 8.0
11 4 8.8
12 7 9.4
13 7 8.6
14 7 8.1
15 6 7.8
- Determine the regression equation
-
Estimate the amount of the bid if there were
7 Bidders, 10 Bidders, 6 Bidders -
What are the following:
Correlation Coefficient
Coefficient of Determination
Standard Error of the Estimate - Interpret Coefficient of Determination
- Interpret the Correlation Coefficient
Deliverable: Word Document 
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