Question

We wish to look at the relationship between sales experience (in years) and annual sales (in...

We wish to look at the relationship between sales experience (in years) and annual sales (in $10,000). Summary measures are given below: n=7, Σxi=70, Σx2i=896, Σyi=77, Σy2i=949, and Σxiyi=907 Find the correlation.

Homework Answers

Answer #1

Given n= 7 ,   , , , ,

Correlation (r)= ?

r= Cov(x,y)/6x 6y

Xbar= = 70/7 = 10

Ybar= = 77/7 = 11

6x2= = 896/7-(10)^2= 28

6x=√28= 5.2915

6y2== 949/7 - (11)^2 = 14.5714

6y= √14.5714= 3.8172

Cov(x,y)=

= 907/7 - (10)(11) = 19.5714

r= Cov(x,y)/6x6y

= 19.5714/(5.2915 * 3.8172)

= 0.9689

Correlation= 0.9689

r>0 positive ly correlation.

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