HOMEWORK 7 This assignment is worth 50 points. Answer the questions based on the following study. Use the class notes as guidance to complete the steps. 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 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Number of Bidders, x 9 9 3 10 5 10 7 11 6 6 4 7 7 7 6 Winning Bid ($ millions), y 5.1 8.0 9.7 7.8 7.7 5.5 8.3 5.5 10.3 8.0 8.8 9.4 8.6 8.1 7.8 1. Draw a scatterplot with regression line of the data to determine whether a simple linear regression model appears to be appropriate. 2. Determine the least squares line (regression equation). 3. Do these data provide sufficient evidence to indicate that number of bidders and the winning bid are linearly related? ( = 0.05) 4. What is the value of the coefficient of determination? Interpret it in terms of the problem. 5. Interpret the coefficients. Do more bidders tend to increase or decrease the amount of the winning bid? 6. A new entrance is to be constructed on the Ohio Turnpike. There are seven bidders on the project. Use the regression equation to determine the predicted winning bid. 7. Project A has 5 bidders and Project B has 8 bidders. Based on the regression analysis, how much more (or less) do you expect Project A's winning bid to be compared to Project B? 8. What is the residual for project 10? Insert image of the complete Minitab or Janovi/Excel output here (Scatterplot and Regression).