49. FILE 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. Of particular interest is whether the number of bidders increases or decreases the amount of the winning bid. Winning Bld Winning Bld Number of ($ millons), ($ millons), Number of Project Bidders, x y Project Bidders, x y 1 5.1 9 6 10.3 2 8.0 10 6 8.0 3 3 9.7 11 4 8.8 4 10 7.8 12 7 9.4 7.7 13 7 8.6 10 5.5 14 8.1 7 7 8.3 15 6 7.8 8. 11 5.5 a. Determine the regression equation. Interpret the equation. Do more bidders tend to increase or decrease the amount of the winning bid? b. Estimate the amount of the winning bid if there were seven bidders. c. A new entrance is to be constructed on the Ohio Turnpike. There are seven bidders on the project. Develop a 95% prediction interval for the winning bid. 589
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
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. Of
particular interest is whether the number of bidders increases or decreases the amount
of the winning bid.
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