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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
1
9
5.1
6
10.3
2
8.0
10
3
9.7
11
4
8.8
7.8
12
7
9.4
5
7.7
13
8.6
5.5
14
8.1
8.3
15
8
Estimate the regression equation. Interpret the equation. Do more bidders tend to increase or decrease the amount of the winning bid?
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