Hi, can someone please help me with "How does an outlier affect the r value (correlation coefficient)?"
Remember that r is for classifying the strength of a linear relationship, and it's calculated using every point of data that you have. On top of that, the mean and the standard deviation are both pretty heavily affected by outliers (mean will be much higher/lower, standard deviation will be really high when it shouldn't) so the correlation coefficient is pretty useless if you include outliers.
* you don't need to know this equation
Graphically, this means that the line won't actually be the closest fit to the data because it'll be 'pulled' toward the outlier.
This one's without outliersThis one has an outlier