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.
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.
Definition Definition Relationship between two independent variables. A correlation tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.
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