Basketball Salaries vs. Team Revenues ~ College basketball is big business, with coaches' salaries, revenues, and expenses in millions of dollars. A sample of 45 college basketball programs was selected. The data is summarized below. Both revenues and salaries are reported in millions of dollars. College Basketball Revenues: X = 6.74, s, = 4.52; Coach Salary: y = 0.77, Sy = 0.44 r = 0.61 Coach Salary Using the scatter plot, describe the relationship between revenues and coach salary for these 45 0,5 colleges. 10 15 20 Revenues Use the summary statistics above to calculate the regression line " = b, + b, x between Revenues and Coach Salary using Revenues as the independent variable. Interpret the slope in the context of the problem. Be specific. Interpret the intercept in the context of the problem. Be specific. Is the model valid all the way to x=0? Use the regression line to predict the coach salary for a college with revenues of $11 million. In the data set, Michigan State has a recorded revenue of $11 million and a coach salary of $1.6 million. Calculate the residual for this college and explain its meaning