a.Create a scatter plot of the data.

a-2.Choose the most appropriate phrase to complete the statement:

The scatter plot indicates (a direct, an inverse) relationship between the winning bid and the number of bidders.

b-1.Calculate the correlation coefficient.(Round your answer to 4 decimal places.)

b-2.What does it indicate about the relationship between number of bidders and the winning bid? (choose the appropriate phrase to complete the sentence)

It indicates a (moderate inverse, strong inverse, weak inverse) relationship between winning bid and number of bidders.

c-1.Complete a regression analysis of the relationship.

Slope: _________

c-2.Report and interpret the coefficient of determination.(Round your answer to 2 decimal places.)

Coefficient of determination: ________%

d.Compute the regression equation that predicts the winning bid.(Negative value should be indicated by a minus sign. Round your answers to 4 decimal places.)

y = ___________ + __________x

e.Is the slope of the regression line significantly different from zero?

a) yes

b) no

f.Estimate the winning bid if there were seven bidders.(Round your answer to 4 decimal places.)

Winning bid cost __________ million.

g.Compute the 95% prediction interval for a winning bid if there are seven bidders. (round to four decimal places)

[______,______]

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. Winning Bid Number of Winning Bid Number of ($ millions), Project Bidders, x ($ millions), 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