Compute the correlation coefficient between the price of eggs and the price of milk. Round the answer to at least threedecimal places. Price of eggs and milk: The following table presents the average price in dollars for a dozen eggs and a gallon of milk for eachmonth from April through November 2011.Dozen EggsGallon of Milk1.693.431.893.521.943.501.833.401.673.471.653.541.963.581.963.47Send data to Excel (b) Compute the correlation coefficient between the price of eggs and the price of milk. Round the answer to at least threedecimal places.The correlation coefficient is r=X.

Define the variable dozen eggs as x and the variable gallon of milk as y.

Answered: (b) Compute the correlation coefficient…

(b) Compute the correlation coefficient between the price of eggs and the price of milk. Round the answer to at least three decimal places. The correlation coefficient is r= X.

Algebra and Trigonometry (MindTap Course List)

4th Edition

ISBN:9781305071742

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

Chapter1: Equations And Graphs

Section1.FOM: Focus On Modeling: Fitting Lines To Data

Problem 11P

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Question

Compute the correlation coefficient between the price of eggs and the price of milk. Round the answer to at least three decimal places.

Price of eggs and milk: The following table presents the average price in dollars for a dozen eggs and a gallon of milk for each
month from April through November 2011.
Dozen Eggs
Gallon of Milk
1.69
3.43
1.89
3.52
1.94
3.50
1.83
3.40
1.67
3.47
1.65
3.54
1.96
3.58
1.96
3.47
Send data to Excel

Definition Definition Statistical measure used to assess the strength and direction of relationships between two variables. Correlation coefficients range between -1 and 1. A coefficient value of 0 indicates that there is no relationship between the variables, whereas a -1 or 1 indicates that there is a perfect negative or positive correlation.

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