The following table lists Major League Baseball\'s (MLB\'s) leading pitchers, th

Question

The following table lists Major League Baseball's (MLB's) leading pitchers, their earned run average (ERA), and their salary (in $1,000,000s) for 2008. Salary J. Santana C. Lee T. Lincecum C. Sabathia R. Halladay J. Peavy D. Matsuzaka R. Dempster B. Sheets C. Hamels ERA (in $1,000,000s) 2.53 2.54 2.62 2.70 2.78 2.85 2.90 2.96 3.09 3.09 17.0 4.0 0.4 11.0 10.0 6.5 8.3 7.3 12.1 0.5 SOURCE: http://www.ESPN.com Click here for the Excel Data File a-1. Use Excel to estimate the model. Salary = 0 + 1 ERA + . (Negative amounts should be indicated by a minus sign. Enter your answers in millions rounded to 2 decimal places.) Height ERA a-2. Interpret the coefficient of ERA A one-unit increase in ERA, predicted salary decreases by $3.82 million A one-unit increase in ERA, predicted salary increases by $3.82 million A one-unit increase in ERA, predicted salary decreases by $14.61 million A one-unit increase in ERA, predicted salary increases by $14.61 million. b. Use the estimated model to predict salary for each player, given his ERA. For example, use the sample regression equation to predict the salary for J. Santana with ERA 2.53. (Round intermediate coefficient values and final answers, in millions, to 2 decimal places.)

Explanation / Answer

(a - 1) The model is: Salary = 18.43 - 3.82 ERA.
(a - 2) Interpret coefficient -> Option 1.

(b)

(c)

Name Predicted Salary J. Santana 8.76 C. Lee 8.73 T. Lincecum 8.42 C. Sabathia 8.12 R. Halladay 7.81 J. Peavy 7.54 D. Matsuzaka 7.35 R. Dempster 7.12 B. Sheets 6.62 C. Hamels 6.62

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