Concept explainers
In each situation, tell whether a
a drop in the price of a barrel of oil and the amount of gasoline sold.
To explain:In the given situation, tell whether a correlation is likely. If it is, tell whether the correlation reflects a casual relationship. Explain your reasoning.
A drop in the price of a barrel of oil and the amount of gasoline sold.
Explanation of Solution
The price of a barrel of oil and the amount of gasoline sold are inversely proportional to each other because if the price is cheaper then more gasoline will sold.
Hence there is negative correlation and a casual relationship between the price of oil and the gasoline sold, as the price decreases, the amount of gasoline sold increases because price is less.
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