Calculate coefficient of correlation between demand for a good and its

1.	Calculate coefficient of correlation between demand for a good and its price.
Answer» Solution : `gamma=(NSigmaXY-(SigmaX)(SigmaY))/(SQRT(NSigmaX^(2)-(SigmaX)^(2))sqrt(NSigmaY^(2)-(SigmaY)^(2)))` `=((5xx575)-(140xx16))/(sqrt((5xx5050)-(140)^(2))sqrt((5xx66)-(16)^(2)))` `=(2875-2240)/(sqrt((25250-19600))sqrt((330-256)))` `=(635)/(sqrt(5650)xxsqrt(74))=(635)/(sqrt(5650xx74))=(635)/(sqrt(418100))=(635)/(646.6)=+0.98`

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