Wage bill of Premier League Clubs Data of the Premier League Clubs wage bills was obtained from

Question:

Wage bill of Premier League Clubs Data of the Premier League Clubs’ wage bills was obtained from www.tsmplug

.com. For the response variable y = wage bill in millions of pounds in 2014 and the explanatory variable x = wage bill in millions of pounds in 2013, yn = -1.537 + 1.056x.

a. How much do you predict the value of a club’s wage bill to be in 2014 if in 2013 the club had a wage bill of

(i) £100 million, (ii) £200 million?

b. Using the results in part

a, explain how to interpret the slope.

c. Is the correlation between these variables positive or negative? Why?

d. A Premier League club had a wage bill of £100 million in 2013 and £105 million in 2014. Find the residual and interpret it.

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