The file P03_55.xlsx lists the average salary for each Major League Baseball (MLB) team from 2004 to 2009, along with the number of team wins in each of these years.
a. Rearrange the data so that there are four long columns: Team, Year, Salary, and Wins. There should be 6*30 values for each.
b. Create a scatter plot of Wins (Y) versus Salary (X). Is there any indication of a relationship between these two variables? Is it a linear relationship?
c. Run a regression of Wins versus Salary. What does it say, if anything, about teams buying their way to success?