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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