A commercial airline is analyzing the price scale for round trip flights between New York and Pennsylvania. The sooner the cbuys the ticket, the cheaper the ticket price is. The sales manager collected information for the last year on how many custbought their tickets at each price:Ticket Price (in dollars) # of Customers (in thousands)5152327208912513515017819810What is the coefficient of correlation between the ticket price and the number of customers purchasing at that price?Answer:

A commercial airline is analyzing the price scale for round trip flights between New York and Pennsylvania. The sooner the customer buys the ticket, the cheaper the ticket price is. The sales manager collected information for the last year on how many bought their tickets at each price: Ticket Price (in dollars) # of Customers (in thousands) 5 15 23 27 20 10 89 125 135 150 178 198 What is the coefficient of correlation between the ticket price and the number of customers purchasing at that price?

A commercial airline is analyzing the price scale for round trip flights between New York and Pennsylvania. The sooner the customer buys the ticket, the cheaper the ticket price is. The sales manager collected information for the last year on how many bought their tickets at each price: Ticket Price (in dollars) # of Customers (in thousands) 5 15 23 27 20 10 89 125 135 150 178 198 What is the coefficient of correlation between the ticket price and the number of customers purchasing at that price?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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