Question: The following data show the annual revenue ($ millions) and the estimated team value ($ millions) for the 32 teams in the National Football League

The following data show the annual revenue ($ millions) and the estimated team value ($ millions) for the 32 teams in the National Football League (Forbes website, February 2009).

a. Develop a scatter diagram with Revenue on the horizontal axis and Value on the vertical axis. Looking at the scatter diagram, does it appear that there are any outliers and/or influential observations in the data?
b. Develop the estimated regression equation that can be used to predict team value given the value of annual revenue.
c. Use residual analysis to determine whether any outliers and/or influential observations are present. Briefly summarize your findings and conclusions.

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