Chapter 4, Problem 49SE

Do States with Higher Populations Have More Millionaires? The following table gives the number of millionaires (in thousands) and the population (in hundreds of thousands) for the states in the northeastern region of the United States in 2008. The numbers of millionaires come from Forbes Magazine in March 2007.

a. Without doing any calculations, predict whether the correlation and slope will be positive or negative. Explain your prediction.

b. Make a scatterplot with the population (in hundreds of thousands) on the x-axis and the number of millionaires (in thousands) on the y-axis. Was your prediction correct?

c. Find the numerical value for the correlation.

d. Find the value of the slope and explain what it means in context. Be careful with the units.

e. Explain why interpreting the value for the intercept does not make sense in this situation.