Question

More wins? Refer to Exercise $37$

a. Interpret the slope of the regression line.

b. Does the value of the $y-$intercept have meaning in this context? If so, interpret the $y-$intercept. If not, explain why.

Short answer

Part (a) The slope in the least square regression equation is the coefficient of $x$and indicates the average rise or decrease of $y$per unit of $x$

Part (b) It does not have meaning.

Step-by-step solution

Part (a) Step 1: Given information

It is stated in the regression line question that,

$\stackrel{⏜}{y}=60.7+0.139x$

Part (a) Step 2: Explanation

As we know, the slope in the least square regression equation is the coefficient of $x$and indicates the average rise or decrease of y per unit of $x$Thus, the slope is,

$b_1=0.139$

As a result, the number of wins improves by $0.139$wins per million dollars on average.

Part (b) Step 1: Explanation

The $y-$intercept, as we all know, is a constant in the least square regression equation that reflects the average y-value when $x$ is $0$ As a result, the $y-$intercept is:

$b_0=60.7$

When the payroll is zero million dollars, this means there are $60.7$ victories. However, having a payroll of zero million dollars is illogical, and the $y-$value intercepts has no bearing in this situation.