Question

According to basic economics, as the demand for a product increases, the price will decrease. Listed...

According to basic economics, as the demand for a product increases, the price will decrease. Listed below is the number of units demanded and the price:

Demand Price
3 $103
7 87
10 75
11 72
15 60
20 43
32 37
34 30
50 28
58 21

a. Determine the correlation between price and demand. (Negative answer should be indicated by a minus sign. Round the final answer to 3 decimal places.)

Correlation between price and demand                

b. Determine the standard error of estimate. (Negative answer should be indicated by a minus sign. Round the final answer to 3 decimal places.)

Standard error of estimate            

Math   Statistics-And-Probability   
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Homework Answers

Answer #1

a)

correlation between price and demand = -0.910

b)

standard error of estimate =12.304

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