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

Question

Quizplus · Accepted Answer

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.

In the Ordered Pairs,the First Coordinate Is the Price,p,and the Second