A commercial airline is analyzing the price scale for round trip flights between New York and Pennsylvania. The sooner the cbuys the ticket, the cheaper the ticket price is. The sales manager collected information for the last year on how many custbought their tickets at each price:Ticket Price (in dollars) # of Customers (in thousands)5152327208912513515017819810What is the coefficient of correlation between the ticket price and the number of customers purchasing at that price?Answer:

A commercial airline is analyzing the price scale for round trip flights between New York and Pennsylvania. The sooner the customer buys the ticket, the cheaper the ticket price is. The sales manager collected information for the last year on how many bought their tickets at each price: Ticket Price (in dollars) # of Customers (in thousands) 5 15 23 27 20 10 89 125 135 150 178 198 What is the coefficient of correlation between the ticket price and the number of customers purchasing at that price?

A commercial airline is analyzing the price scale for round trip flights between New York and Pennsylvania. The sooner the customer buys the ticket, the cheaper the ticket price is. The sales manager collected information for the last year on how many bought their tickets at each price: Ticket Price (in dollars) # of Customers (in thousands) 5 15 23 27 20 10 89 125 135 150 178 198 What is the coefficient of correlation between the ticket price and the number of customers purchasing at that price?

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter4A: Problems In Applying The Linear Regression Model

Section: Chapter Questions

Problem 5E

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