The following table lists a portion of Major League Baseball’s (MLB’s) leading pitchers, each pitcher’s salary (In $ millions), and earned run average (ERA) for 2008.
Salary | ERA | |
J. Santana | 11.0 | 2.22 |
C. Lee | 2.0 | 2.35 |
T. Lincecum | 0.1 | 2.22 |
C. Sabathia | 7.0 | 2.07 |
R. Halladay | 6.0 | 2.33 |
J. Peavy | 5.0 | 2.57 |
D. Matsuzaka | 8.0 | 2.84 |
R. Dempster | 6.6 | 2.34 |
B. Sheets | 10.9 | 2.51 |
C. Hamels | 0.5 | 2.91 |
a-1. Estimate the model: Salary = β0 + β1ERA + ε. (Negative values should be indicated by a minus sign. Enter your answers, in millions, rounded to 2 decimal places.)
Salaryˆ=___ +___ ERA
a-2. Interpret the coefficient of ERA.
A one-unit increase in ERA, predicted salary decreases by $2.18 million.
A one-unit increase in ERA, predicted salary increases by $2.18 million.
A one-unit increase in ERA, predicted salary decreases by $8.85 million.
A one-unit increase in ERA, predicted salary increases by $8.85 million.
b. Use the estimated model to predict salary for each player, given his ERA. For example, use the sample regression equation to predict the salary for J. Santana with ERA = 2.22. (Round coefficient estimates to at least 4 decimal places and final answers, in millions, to 2 decimal places.)
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c. Derive the corresponding residuals.
*Already have this one completed*
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The following table lists a portion of Major League Baseball’s (MLB’s) leading pitchers, each pitcher’s salary...
The following table lists a portion of Major League Baseball’s (MLB’s) leading pitchers, each pitcher’s salary (In $ millions), and earned run average (ERA) for 2008. Salary ERA J. Santana 10.0 2.51 C. Lee 3.0 2.52 ⋮ ⋮ ⋮ C. Hamels 0.4 2.83 a-1. Estimate the model: Salary = β0 + β1ERA + ε. (Negative values should be indicated by a minus sign. Enter your answers, in millions, rounded to 2 decimal places.) Salary = ________ + ______ ERA. a-2....
The following table lists a portion of Major League Baseball’s (MLB’s) leading pitchers, each pitcher’s salary (In $ millions), and earned run average (ERA) for 2008. Salary ERA J. Santana 16.0 2.46 C. Lee 3.0 2.31 ⋮ ⋮ ⋮ C. Hamels 0.4 2.72 a-1. Estimate the model: Salary = β0 + β1ERA + ε. (Negative values should be indicated by a minus sign. Enter your answers, in millions, rounded to 2 decimal places.) The following table lists a portion of...
13. The following table lists a portion of Major League Baseball’s (MLB’s) leading pitchers, each pitcher’s salary (In $ millions), and earned run average (ERA) for 2008. Salary ERA J. Santana 15.0 2.26 C. Lee 1.0 2.36 ⋮ ⋮ ⋮ C. Hamels 0.4 2.70 a-1. Estimate the model: Salary = β0 + β1ERA + ε. (Negative values should be indicated by a minus sign. Enter your answers, in millions, rounded to 2 decimal places.) Salaryˆ=Salary^= + ERA a-2. Interpret the coefficient of...
The following table lists a portion of Major League Baseball’s (MLB’s) leading pitchers, each pitcher’s salary (In $ millions), and earned run average (ERA) for 2008. Salary ERA J. Santana 17.0 2.28 C. Lee 3.0 2.39 ⋮ ⋮ ⋮ C. Hamels 0.2 3.00 Click here for the Excel Data File a-1. Estimate the model: Salary = β0 + β1ERA + ε. (Negative values should be indicated by a minus sign. Enter your answers, in millions, rounded to 2 decimal places.)...