Create a prediction interval for the winning bid

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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