Linear Regression and Correlation Problem

REGRESSION PROBLEM:

This file contains a table on the Price of Contracts. The question to be answered here is whether there is a significant relationship between the number of contractors that bid on a contract the price that the lowest bidder that offers who is eventually offered the contract. Use a Regression equation to determine the Nature of the relationship between the dependent variable (Final Price) and the Independent Variable (The number of Bidders) Is this relationship Significantly Negative or Positive? How Strong is the Relationship? Specify and Write out the Final Equation of the Model

 

~Ex13-49.xls (22.5 KB)

 

Bidders Price
9.00 5.10
9.00 8.00
3.00 9.70
10.00 7.80
5.00 7.70
10.00 5.50
7.00 8.30
11.00 5.50
6.00 10.30
6.00 8.00
4.00 8.80
7.00 9.40
7.00 8.60
7.00 8.10
6.00 7.80

Assignment Solutions