Question
Pennsylvania Refining Company is studying the relationship between the pump price of gasoline and the number...
Pennsylvania Refining Company is studying the relationship between the pump price of gasoline and the number of gallons sold. For a sample of 18 stations last Tuesday, the correlation was 0.70. Can the company conclude that the correlation is positive? State the decision rule for 0.01 significance level. (Round your answer to 3 decimal places.) Compute the value of the test statistic. (Round your answer to 3 decimal places.) Can we conclude that the correlation in the population is greater than zero? Use the 0.01 significance level.
Homework Answers
Answer #1
from above:
decision rule :reject Ho if test statistic t> 2.552
value of the test statistic =4.159
WE can conclude that correlation in the population is greater than zero at 0.01 level of significance,
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