My professor believes watching an old 80's telecourse will teach us statistics, and that Excel will do all the work so he doesn't explain anything. My basic stats knowledge only goes so far on this one.
I have a data set of baseball stats (salary, hits, home runs, etc) for 346 players. I already have the mean, median, standard deviation, max and min for the data (provided by Excel).
The problem says to fit the simple regression model :
salary=β0 + β1 (home runs) + εi
Obtain the R2 results, the regression coefficients, the standard deviations of β0 and β1, and the t-statistics. Use the regression option in the data analysis package found in Excel's Tools menu.
When I use the regression option it spits out a huge sheet but I don't understand where to find the info. I also know there is a way to do this with an equation isn't there?
There is no textbook for the class, he says it is self explanatory using Excel.
Can anyone help me with this by providing some formulas, or explaining what β0 , β1 (home runs) , or εi are?