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BUGEN1502 Business Statistics

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Question:

The Australian Football League (AFL) currently has 18 teams based in the various Australian States,Victoria, NSW, South Australia, Western Australia and Queensland. These teams play a unique Australian football code, Australian Rules football, and the season consists of 24 rounds. Football is an increasingly competitive and professional business in Australia and the budgets for the clubs reflect this. There has long been a feeling that better resourced and more popular clubs have an advantage with their larger expenditure leading to greater success on the field. The data provided give the amount spent by the Football Departments of the AFL clubs from 2003 to 2007 as well as their results (Source: The Australian newspaper, 13 March 2008). There are three variables:

(a) Which is the independent (or predictor) variable and which is the dependent (or response) variable in this case Give reasons for your choice and answer in Textbox (a)
(b) Produce a scatter plot of the data (Graph (b)). The chart must have appropriate title and labels. Also you should rescale the graph axes to most clearly display the data. Based on the scatter plot, describe the type and direction of relationship between the variables. Is the relationship deterministic or probabilistic.
(c) Using the regression function in Excel, generate regression output for the data and place it where indicated in the Results worksheet.
i. Write down the line of best fit for the given data from the regression output obtained. Explain the meaning of any symbols used. (Textbox (c))
ii. State the value of the slope of the equation correct to three decimal places and give an economic interpretation of this value in Textbox (c).
iii. State the value of the intercept of the equation correct to three decimal places and give an interpretation of this value in Textbox (c). Does the intercept value represent a practical value in this case Explain briefly.
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