Question: The National Highway Association is studying the relationsip 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 the amount of the winning bid.

Winning Bid                                         Winning Bid

Number of    ($ millions)                        Number of   ($ millions)

Project   Bidders, X        Y                 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

5              5               7.7                    13                7                  8.6

6             10              5.5                    14                7                  8.1

7              7               8.3                    15                6                  7.8

8             11              5.5

1. What is the regression equation?  (Specify the coefficients of the equation.)
2. Is this a good equation?  (Identify and briefly discuss the four test results.)

1. A new entrance is to be constructed on the Ohio Turnpike.  There are seven bidders on the project.  Develop a forecast of the winning bid.

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