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.