The following data represent the daily supply (y in thousands of units) and the unit price (x in dollars) for a product. $$\begin{array} { c c }
\text { Daily Supply } ( y ) & \text { Unit Price } ( x ) \
5 & 2 \
7 & 4 \
9 & 8 \
12 & 5 \
10 & 7 \
13 & 8 \
16 & 16 \
16 & 6
\end{array}$$
a.
Compute and interpret the sample covariance for the above data.
b.
Compute the standard deviation for the daily supply.
c.
Compute the standard deviation for the unit price.
d.
Compute and interpret the sample correlation coefficient.

Question

The following data represent the daily supply (y in thousands of units) and the unit price (x in dollars) for a product. $$\begin{array} { c c } 
\text { Daily Supply } ( y ) & \text { Unit Price } ( x ) \
5 & 2 \
7 & 4 \
9 & 8 \
12 & 5 \
10 & 7 \
13 & 8 \
16 & 16 \
16 & 6
\end{array}$$ ​ 
a.
Compute and interpret the sample covariance for the above data.
b.
Compute the standard deviation for the daily supply.
c.
Compute the standard deviation for the unit price.
d.
Compute and interpret the sample correlation coefficient.

Quizplus · Accepted Answer

The Answer of The following data represent the daily supply (y in thousands of units) and the unit price (x in dollars) for a product. $$\begin{array} { c c } 
\text { Daily Supply } ( y ) & \text { Unit Price } ( x ) \
5 & 2 \
7 & 4 \
9 & 8 \
12 & 5 \
10 & 7 \
13 & 8 \
16 & 16 \
16 & 6
\end{array}$$ ​ 
a.
Compute and interpret the sample covariance for the above data.
b.
Compute the standard deviation for the daily supply.
c.
Compute the standard deviation for the unit price.
d.
Compute and interpret the sample correlation coefficient.

The Following Data Represent the Daily Supply (Y in Thousands