Create a prediction interval for the winning bid

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Reference no: EM1320308

Question: The National Highway Association is studying the relationship between the number of bidders on a highway project & 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, X

Winning Bid ($ millions), Y

Project

Number of Bidders, X

Winning Bid ($ millions), 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

 

 

 

A new entrance is to be constructed on the Ohio Turnpike. There are 7 bidders on the project. Create a 95 percent prediction interval for the winning bid.

 

 

 

Reference no: EM1320308

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