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Calculate coefficient of correlation between the price and quantitysupplied. |
Answer» SOLUTION : `r=(sumdxdy-((sumdx) xx(sumdy))/(N))/(sqrt(sumdx^(2)=((sumdx)^(2))/(N))xx sqrt(sumdy^(2)-((sumdy)^(2))/(N)))` `=(205-((13)xx(0))/(5))/(sqrt(213-((13)^(2))/(5))xxsqrt(250-((0)^(2))/(5)))` `=(205-0)/(sqrt(213-33.80)xxsqrt(250-0))` `=(205)/(sqrt(179.20)xxsqrt(250))=(205)/(13.39xx15.81)` `=(205)/(211.70)` `+0.97` coefficient of Correlation (r)=+0.97. This is a SITUATION of a high degree of positive correlation. |
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