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Question
The quantity of goods supplied by a firm at different price points is given in the table below. Find the correlation coefficeint between price and quantity supplied.
Price (X)Quantity (Y)620825103016352040
The quantity of goods supplied by a firm at different price points is given in the table below. Find the correlation coefficeint between price and quantity supplied.
Price (X)Quantity (Y)620825103016352040
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Solution
The correct option is D 0.976
xyx−¯x(x−¯x)2(y−¯y)(y−¯y)2(x−¯x)(y−¯y)620−636−1010060825−416−525201030−2400016354165252020408641010080∑=136∑=250∑=180
¯x=∑xn=605=12
¯y=∑yn=1505=30
r=∑ni=1(xi−¯x)(yi−¯y)√∑ni=1(xi−¯x)2√∑ni=1(yi−¯y)2=180√136×250=180184.4=0.976
0.976
xyx−¯x(x−¯x)2(y−¯y)(y−¯y)2(x−¯x)(y−¯y)620−636−1010060825−416−525201030−2400016354165252020408641010080∑=136∑=250∑=180
¯x=∑xn=605=12
¯y=∑yn=1505=30
r=∑ni=1(xi−¯x)(yi−¯y)√∑ni=1(xi−¯x)2√∑ni=1(yi−¯y)2=180√136×250=180184.4=0.976
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