Refer to Exercise 37. The Chicago Cubs won the World Series in 2016. They had 103 wins and spent $182 million on payroll. Calculate and interpret the residual for the Cubs.

Exercise 37.

Earlier we investigated the relationship between x = payroll (in millions of dollars) and y = number of wins for Major League Baseball teams in 2016. Here is a scatterplot of the data, along with the regression line ŷ = 60.7 + 0.139x:

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110 100 90 80 70 60 - 50 50 100 150 200 250 300 Payroll ($ millions) Number of wins