use the reg New York Yankees New York Mets Los Angeles Dodgers 435 Boston Red So
ID: 3324130 • Letter: U
Question
use the reg New York Yankees New York Mets Los Angeles Dodgers 435 Boston Red Sox Atlanta Braves 424 373 Seattle Texas Rangers ANOVA San Francisco Giants Colorado Rockies Houston Astros 337 125 319 133 287 131 MS Baltimore Orioles 28 35024.43962 1250.873 29 5051443 Chicago Cubs 127 123 114 Diamondbacks St. Lousi Cardinals Detroit Tigers Pittsburgh Pirates Milwaukee Brewers Philadelphia Phillies Chicago White Sox Sand Diego Padres 271 262 StatP-value 165.9479261 24.20526294 6 85586 1.891 598-4 3.7866139s 0.195322967 19.38642 9.170s6E18 238 231 223 108 a. Write the regression equation derived from the outpu b. Estimate the value of an MIB team given revemues of S94 c. What is the meaning of the R Square in this ouspurt d. Is there a strong linear relationship between market value and total revervuc as 101 87 103 Anaheim Angels Toronto Blue Jays 195 182 157 152 indicated by this outpur? e. What is the meaning of the P-Values given in the output above? f. Describe the meaning of the F-Statistic above. g. Would you be confident in using this evidence to make estimates of MILB Oakland Athletics Kansas City Royals Tampa Bay Devil Rays Florida Marlins Minnesota Twins 142 127 team value based on these results? Why or why not? Explain Montreal Expos h. Suppose next year, we found an MI.B team's revenue to be 5312M. What would your estimate be for market value based on these data and evidence?Explanation / Answer
Part a)
Value ^ = 165.9479261 + 3.786613895*Revenue
Part b)
Value ^ = 165.9479261 + 3.786613895*Revenue
Revenue = 594
Value ^ = -165.9479261 + (3.786613895*594)
= 2083.3
Answer: 2083.3
Part c)
The value of the R-square is 0.9307. This tells us that approximately 93% of the variable ‘Value’ is going to be explained by the variable ‘Revenue’.
Part d)
The value of the correlation is 0.9647
H0: There is no significant positive correlation.
H1: There is a significant positive correlation.
Alpha = 0.05
Test Statistics:
t = 19.386
p-value = .0000
Here the p-value is less than the level of significance (.05); we reject the null hypothesis. There is sufficient evidence to conclude that there is a significant positive correlation.
Conclusion:
As the value of correlation is high value and the t-test suggest that there is a significant positive correlation so finally we can conclude that there is a strong relationship between the total value and the market revenue.
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