Draw the scatter diagram for this data

Reference no: EM1317939

Graphing of Scatter figure and Least square lines.

In a random sample of eight military contracts involving cost overruns, following information was obtained. X = bid price of the contract (in millions of dollars) and y = cost of overrun (expressed as a percent of the bid price).

x	6	10	3	5	9	18	16	21
y	31	25	39	35	29	12	17	8

1. Draw the scatter diagram for this data.

2. Find out the slope, b, and the intercept, a, for the least-squares line. Write the equation of the least squares line.

3. Diagram the least-squares line on your scatter diagram.

If an overrun contract was bid at 12 million dollars, what does the least-squares line predict for the cost of overrun (as a percent of bid price)?

Reference no: EM1317939

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