The Question Below Refers to the Following Situation

question 3

Essay

The question below refers to the following situation:
The table below contains the Earned Run Averages (ERA) and team victories for the American Baseball League during a recent season. ERA is the number of earned runs (runs resulting from the other team hitting the ball, not because of errors in the field) a team gives up per 9 innings. The lower the ERA, the better for the team. A low ERA is usually an indication of good pitching, good defense, or both. Given the data below:
Calculate and interpret the coefficient of determination.

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Definitions:

Emissions Tax

A tax imposed on the emission of pollutants, aimed at reducing the environmental externality costs of these emissions.

Optimal Tax

A tax designed to generate government revenue with the minimum economic distortion or welfare loss.

Marginal Social Cost

The total cost to society of producing an additional unit of a good or service, including both the cost to the producer and the cost of any negative externalities associated with production.

Marginal Social Benefit

Marginal social benefit is the additional gain to society as a whole from producing one more unit of a good or service.