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    Scatter Diagram for least-square lines

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    In a random sample of eight military contracts involving cost overruns, the following information was obtained. x = big 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

    a) Draw the scatter diagram for this data.
    b) Find the slope, b, and the intercept, a, for the least-squares line. Write the equation of the least-squares line.
    c) Graph the least-squares line on your scatter diagram.
    d) 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)?

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    Solution Summary

    A scatter diagram for the data is given. The slope and intercept for the least-squares line is determined and the equation is given.