Question

Consumers Union provides ratings on a large variety of consumer products. They use sophisticated testing methods as well as surveys of their members to create these ratings.    

One recent article rated laundry detergents on a scale from 1 to 100. Here are the ratings along with the price per load, in cents, for 24 laundry detergents:

   

Rating	Price (cents)
61	18
55	30
48	16
46	13
35	8
32	5
59	22
52	23
47	15
46	13
34	12
29	14
56	22
51	11
48	18
45	17
33	7
26	11
55	15
48	15
46	13
36	8
32	6
26	13

   

Use these data to compute the correlation between rating and the price per load.

       

(Use decimal notation. Give your answer to three decimal places.)

Answer 1

using Excel<data<megastat<correlation/regression

Regression Analysis
	r²	0.507
	r	0.712
	Std. Error	4.240
	n	24
	k	1
	Dep. Var.	Price (cents) y
ANOVA table
Source	SS	df	MS	F	p-value
Regression	406.1375	1	406.1375	22.59	.0001
Residual	395.4875	22	17.9767
Total	801.6250	23
Regression output					confidence interval
variables	coefficients	std. error	t (df=22)	p-value	95% lower	95% upper
Intercept	-2.8311	3.72	-0.76	0.45	-10.55	4.89
Rating x	0.3948	0.0831	4.753	.0001	0.2225	0.5670

0.712

Please do the comment for any doubt or clarification. Please upvote if this helps you out. Thank You!