The joint probability distribution of the size of company A’s sales force and company B’s yearly sales revenue is represented in the following table: Probability # of sales people (A) Yearly sales revenues (B) 0.10 20 7.17 0.20 19 5.85 0.25 32 2.61 0.25 40 1.53 0.20 45 1.06 Compute the covariance and correlation of the size of the sales force and yearly sales revenue. What does the correlation coefficient tell you about the relationship between the size of company A’s sales force and company B’s yearly sales revenue? describe what the correlation means.

The joint probability distribution of the size of company A’s sales force and company B’s yearly sales revenue is represented in the following table: Probability # of sales people (A) Yearly sales revenues (B) 0.10 20 7.17 0.20 19 5.85 0.25 32 2.61 0.25 40 1.53 0.20 45 1.06 Compute the covariance and correlation of the size of the sales force and yearly sales revenue. What does the correlation coefficient tell you about the relationship between the size of company A’s sales force and company B’s yearly sales revenue? describe what the correlation means.

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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Question

The joint probability distribution of the size of company A’s sales force and company B’s yearly sales revenue is represented in the following table:

Probability	# of sales people (A)	Yearly sales revenues (B)
0.10	20	7.17
0.20	19	5.85
0.25	32	2.61
0.25	40	1.53
0.20	45	1.06

Compute the covariance and correlation of the size of the sales force and yearly sales revenue.

What does the correlation coefficient tell you about the relationship between the size of company A’s sales force and company B’s yearly sales revenue? describe what the correlation means.

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