Question
a. Create a scatter plot of the data. a-2. Choose the most appropriate phrase to complete the statement: The scatter plot indicates (a direct, an
a.Create a scatter plot of the data.
a-2.Choose the most appropriate phrase to complete the statement:
The scatter plot indicates (a direct, an inverse) relationship between the winning bid and the number of bidders.
b-1.Calculate the correlation coefficient.(Round your answer to 4 decimal places.)
b-2.What does it indicate about the relationship between number of bidders and the winning bid? (choose the appropriate phrase to complete the sentence)
It indicates a (moderate inverse, strong inverse, weak inverse) relationship between winning bid and number of bidders.
c-1.Complete a regression analysis of the relationship.
Slope: _________
c-2.Report and interpret the coefficient of determination.(Round your answer to 2 decimal places.)
Coefficient of determination: ________%
d.Compute the regression equation that predicts the winning bid.(Negative value should be indicated by a minus sign. Round your answers to 4 decimal places.)
y = ___________ + __________x
e.Is the slope of the regression line significantly different from zero?
a) yes
b) no
f.Estimate the winning bid if there were seven bidders.(Round your answer to 4 decimal places.)
Winning bid cost __________ million.
g.Compute the 95% prediction interval for a winning bid if there are seven bidders. (round to four decimal places)
[______,______]
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