Question

what is the cutoff value for leverage point? If the leverage point is point it can be an outlier but what is the cutoff to identify large leverage

Answer 1

In statistics and in particular in regression analysis, leverage is a measure of how far away the independent variable values of an observation are from those of the other observations.

High-leverage points are those observations, if any, made at extreme or outlying values of the independent variables such that the lack of neighboring observations means that the fitted regression model will pass close to that particular observation

The cutoff value is 2p/n = 0.24. That is if hii exceeds 0.24, then the ith observation is a leverage point.