Given the following sample data: x 420 610 625 500 400 450 550 650 480 565 y 2.80 3.60 3.75 3.00 2.50 2.70 3.50 3.90 2.95 3.30 1. Calculate the covariance and the correlation coefficient. Discuss what they represent and why they are used in statistics, especially the business world. 2. Briefly discuss the relationship between x and y and what do these statistics tell you.

Given the following sample data: x 420 610 625 500 400 450 550 650 480 565 y 2.80 3.60 3.75 3.00 2.50 2.70 3.50 3.90 2.95 3.30 1. Calculate the covariance and the correlation coefficient. Discuss what they represent and why they are used in statistics, especially the business world. 2. Briefly discuss the relationship between x and y and what do these statistics tell you.

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter4: Equations Of Linear Functions

Section4.5: Correlation And Causation

Problem 23PFA

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Question

100%

Given the following sample data:

x	420	610	625	500	400	450	550	650	480	565
y	2.80	3.60	3.75	3.00	2.50	2.70	3.50	3.90	2.95	3.30

1. Calculate the covariance and the correlation coefficient. Discuss what they represent and why they are used in statistics, especially the business world.

2. Briefly discuss the relationship between x and y and what do these statistics tell you.

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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