For major league baseball teams, is there a relationship between player payrolls and gate money? Here are data for each of the American League teams for the year 2000. The variable x denotes the 2000 player payroll (in millions of dollars), and the variable y denotes the mean attendance (in thousands of fans) for the 81 home games that year. The data are plotted in the Figure 1 scatter plot. Also given are the products of the player payroll values and mean attendance values for each of the fourteen teams. (These products, written in the column labelled "xy," may aid in calculations.) Answer the following. Carry your intermediate computations to at least four decimal places, and round your answer as specified below. (If necessary, consult a list of formulas.) What is the value of the slope of the least-squares regression line for these data? Round your answer to at least two decimal places.
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
For major league baseball teams, is there a relationship between player payrolls and gate money? Here are data for each of the American League teams for the year 2000. The variable x denotes the 2000 player payroll (in millions of dollars), and the variable y denotes the mean attendance (in thousands of fans) for the 81 home games that year. The data are plotted in the Figure 1
Answer the following. Carry your intermediate computations to at least four decimal places, and round your answer as specified below. (If necessary, consult a list of formulas.)
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