Asked by Shelby Henderson on Jun 17, 2024
Verified
In the ordered pairs,the first coordinate is the price,p,and the second is the quantity,q: (250,5,000) , (100,8,500) , (450,2,000) , (300,5,000) , (200,4,750) .When the points are plotted in a scatterplot,what is the correlation coefficient?
A) -0.93
B) -0.87
C) -0.83
D) -0.73
Correlation Coefficient
A statistical measure that describes the extent to which two variables move in relation to each other.
Scatterplot
A type of graphical representation showing the relationship between two variables wherein each point represents an observation.
Ordered Pairs
Pairs of elements (x, y) arranged in a specific order, used to define coordinates on a plane.
- Pinpoint and unfold the understanding of correlation coefficients.
Verified Answer
HA
Humaira AhmadJun 23, 2024
Final Answer :
A
Explanation :
The correlation coefficient of approximately -0.93 suggests a strong negative linear relationship between price and quantity, indicating that as the price increases, the quantity decreases, and vice versa. This is consistent with the general expectation of demand behavior in economics.
Learning Objectives
- Pinpoint and unfold the understanding of correlation coefficients.