Listed below are paired data consisting of amounts spent on advertising (in millions of dollars) and the profits (inmillions of dollars). Determine if there is a significant negative linear correlation between advertising cost and profitUse a significance level of 0.01 and round all values to 4 decimal placesAdvertising Cost Profit2018182624234Ho: p-0Ha: p

Question
Asked Apr 18, 2019
Listed below are paired data consisting of amounts spent on advertising (in millions of dollars) and the profits (in
millions of dollars). Determine if there is a significant negative linear correlation between advertising cost and profit
Use a significance level of 0.01 and round all values to 4 decimal places
Advertising Cost Profit
20
18
18
26
24
23
4
Ho: p-0
Ha: p<0
Find the Linear Correlation Coefficient
Find the p-value
p-value
The p-value is
Greater than α
Less than (or equal to)a
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Listed below are paired data consisting of amounts spent on advertising (in millions of dollars) and the profits (in millions of dollars). Determine if there is a significant negative linear correlation between advertising cost and profit Use a significance level of 0.01 and round all values to 4 decimal places Advertising Cost Profit 20 18 18 26 24 23 4 Ho: p-0 Ha: p<0 Find the Linear Correlation Coefficient Find the p-value p-value The p-value is Greater than α Less than (or equal to)a

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check_circleExpert Solution
Step 1

The correlation coefficient between two variables x and y can be calculated using the formula given below:

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Step 2

Let x and y be the random variables that represent advertising cost and profit, both in million dollars respectively. Here, there are 6 data pairs of (x, y). So, n=6.

The computation of correlation coefficient is shown below:

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Step 3

The provided alternative hypothesis suggests that the test is left-sided....

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