The National Highway Association is studying the relationship between the number

Question

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, recorded below in millions of dollars. Of particular interest is whether the number of bidders increases or decreases the amount of the winning bid. # of Bids Winning Bid (SIM) Question 1. Does there seem to be a relationship between the number of bidders and the size of the winning bid? 5.1 9.7 7.8 7.7 5.5 8.1 5.5 10.3 10 10 National Highway Projects 12 8.8 6.4 8.6 7.2 10 15 Number of Bidders 7.8 SUMMARY OUTPUT ssion Statistics 0.696906 0.485677 Multiple R R Square Adjusted R Square 0.446114 Standard Error 1.115525 Observations 15 ANOVA cance F Residual Total 1 15.27617141 15.27617 12.27596 0.003886 13 16.17716192 1.244397 14 31.45333333 Cot ts Standard Error tStat P-value Lower 95%Upper 95% 10.91432 0.979728819 11.14015 507E-08 8.797749 13. 0.45151 0.128867073 -3.50371 0.003886 -0.72991 -0.17311 Intercept Question 2. Investigating the printout Interpretation: R-square MS Residual = MS Regr/MS Res- MS Regression MSE which is also called: Standard Error = SQRT (MSE) Slope of the regression line isIntercept of the regression line is

Explanation / Answer

n=15

R square=0.4857

Interpretation : There is 49% of varaiation in y is explained by the regression model.

MSR=15.28

MSE=MS Residual=1.244

Standard error=1.1155

sqrt(MSE)= 1.1155

Slope= -0.4515

intercept=10.91

The regression eq

y=10.91 - 0.45(x)

interpretation :

if one unit change in x then there is 0.45 decrease in y

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