Question: According to the Maine Department of Marine Resources in 2012
According to the Maine Department of Marine Resources, in 2012 more than 126,000,000 pounds of lobster were landed in Maine— a catch worth more than $ 338.9M. The lobster fishing industry is carefully con-trolled and licensed, and facts about it have been recorded for more than a century, so it is an important industry that we can examine in detail. We’ll look at annual data (avail-able at www.maine.gov/dmr) from 1950 through 2012. The value of the annual lobster catch has grown. Here’s a scatterplot of the value in millions of dollars over time:
a) Which regression assumptions and conditions appear to be violated according to this plot? Here’s a scatterplot of the log of the value:
b) Discuss the same assumptions as in part a. Does taking logs make these data suitable for regression? After performing a regression on the log values, we obtain the following plot of residuals:
c) Discuss what this plot shows. Would a different transformation be likely to do better than the log? Explain.
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