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.

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Definitions:

Consumer Packaged Goods

Products that are sold in packaging and consumed by the average consumer at a relatively fast pace, such as food, beverages, and toiletries.

Successful CPG Launch

The effective introduction of a Consumer Packaged Goods product into the market, achieving planned sales and market penetration goals.

Precise Protocol

A set of detailed and exact guidelines designed to achieve a specific outcome, often used in technological, scientific, or industry-specific contexts.

Target Market

A particular segment of consumers recognized as the main target for a product or service, distinguished by common traits or requirements.