Question

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.

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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