The following data given are the (X) price changed per piece of plywood, and the (Y) quantity sold (in thousands): Price per piece (X) Thousands of pieces sold (Y) 6 80 7 60 8 70 9 40 10 0 Compute the covariance. What information does the correlation coefficient provide? Compute and interpret .

The following data given are the (X) price changed per piece of plywood, and the (Y) quantity sold (in thousands): Price per piece (X) Thousands of pieces sold (Y) 6 80 7 60 8 70 9 40 10 0 Compute the covariance. What information does the correlation coefficient provide? Compute and interpret .

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Question

The following data given are the (X) price changed per piece of plywood, and the (Y) quantity sold (in thousands):

Price per piece (X)	Thousands of pieces sold (Y)
6	80
7	60
8	70
9	40
10	0

Compute the covariance.
What information does the correlation coefficient provide?
Compute and interpret .
Compute .
What quantity of plywood should we expect to sell if the price is $7 per piece?

Definition Definition Statistical measure used to assess the strength and direction of relationships between two variables. Correlation coefficients range between -1 and 1. A coefficient value of 0 indicates that there is no relationship between the variables, whereas a -1 or 1 indicates that there is a perfect negative or positive correlation.

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