Question: The following table gives the total 2008 payroll (on the opening day of the season, rounded to the nearest million dollars) and the number of runs scored during the 2008 season by each of the American League baseball teams.
a. Find the least squares regression line with total payroll as the independent variable and runs scored as the dependent variable.
b. Is the equation of the regression line obtained in part a the population regression line? Why or why not? Do the values of the y-intercept and the slope of the regression line give A and B or a and b?
c. Give a brief interpretation of the values of the y-intercept and the slope obtained in part a.
d. Predict the number of runs scored by a team with a total payroll of $84 million.