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Math-John, Can you explain the following...

Math-John,

Can you explain the following questions for me?

The value of a sports franchise is directly related to the amount of revenue that a franchise can generate. The file represents the value in 2009 (in millions of dollars) and the annual revenue (in millions of dollars) for the 30 major league baseball franchises. Suppose you want to develop a simple linear regression model to predict franchise value based on annual revenue generated.

Team Value Revenue

Anaheim 509 212

Baltimore 400 174

Boston 833 269

Chicago White Sox 450 196

Cleveland 199 181

Detroit 371 186

Kansas City 314 143

Minnesota 356 158

New York Yankees 1500 375

Oakland 319 160

Seattle 426 189

Tampa Bay 320 160

Texas 405 176

Toronto 353 172

Arizona 390 177

Atlanta 446 186

Chicago Cubs 700 239

Cincinnati 342 171

Colorado 373 176

Florida 277 139

Houston 445 194

Los Angeles 722 241

Milwaukee 347 173

New York Mets 912 261

Philadelphia 496 216

PittsburghXXXXX Louis 486 195

San Diego 401 174

San Francisco 471 196

Washington 406 184

a. Construct a scatter plot.

b. Use the least-squares method to determine the regression coefficients b0 and b1.

c. Interpret the meaning of b0 and b1 in this problem.

d. Predict the value of a baseball franchise that generates $200 million of annual revenue.

Can you explain the following questions for me?

The value of a sports franchise is directly related to the amount of revenue that a franchise can generate. The file represents the value in 2009 (in millions of dollars) and the annual revenue (in millions of dollars) for the 30 major league baseball franchises. Suppose you want to develop a simple linear regression model to predict franchise value based on annual revenue generated.

Team Value Revenue

Anaheim 509 212

Baltimore 400 174

Boston 833 269

Chicago White Sox 450 196

Cleveland 199 181

Detroit 371 186

Kansas City 314 143

Minnesota 356 158

New York Yankees 1500 375

Oakland 319 160

Seattle 426 189

Tampa Bay 320 160

Texas 405 176

Toronto 353 172

Arizona 390 177

Atlanta 446 186

Chicago Cubs 700 239

Cincinnati 342 171

Colorado 373 176

Florida 277 139

Houston 445 194

Los Angeles 722 241

Milwaukee 347 173

New York Mets 912 261

Philadelphia 496 216

PittsburghXXXXX Louis 486 195

San Diego 401 174

San Francisco 471 196

Washington 406 184

a. Construct a scatter plot.

b. Use the least-squares method to determine the regression coefficients b0 and b1.

c. Interpret the meaning of b0 and b1 in this problem.

d. Predict the value of a baseball franchise that generates $200 million of annual revenue.

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