The Following Data Represent the Daily Demand (Y in Thousands

question 41

Essay

The following data represent the daily demand (y in thousands of units) and the unit price (x in dollars) for a product. $$\begin{array} { l c } \text { Daily Demand (y) } & \text { Unit Price (x) } \\47 & 1 \\39 & 3 \\35 & 5 \\44 & 3 \\34 & 6 \\20 & 8 \\15 & 16 \\30 & 6\end{array}$$ ​
a.
Compute and interpret the sample covariance for the above data.
b.
Compute and interpret the sample correlation coefficient.

---

Definitions:

Optimal Function

The state or condition of operating in the most efficient and effective manner.

Processes Food

The physical and chemical breakdown of food into smaller components that can be absorbed and utilized by the body.

Water

A transparent, tasteless, odorless, and nearly colorless chemical substance that is the main constituent of Earth's hydrosphere and the fluids of most living organisms.

Embryonic Stem Cells

Pluripotent stem cells derived from the inner cell mass of the blastocyst, capable of differentiating into various cell types.