Eight Observations Taken for Two Variables Are as Follows A Develop a Scatter Diagram with X on the Horizontal

question 29

Essay

Eight observations taken for two variables are as follows: $$\begin{array} { c | c } x _ { i } & y _ { i } \\\hline 11 & 35 \\13 & 32 \\17 & 26 \\18 & 25 \\22 & 20 \\24 & 17 \\26 & 11 \\28 & 10\end{array}$$
a. Develop a scatter diagram with x on the horizontal axis.
b. What does the scatter diagram developed in part (a) indicate about the relationship between the two variables?
c. Compute and interpret the sample covariance.
d. Compute and interpret the sample correlation coefficient.

---

Definitions:

Production Schedules

Plans that outline the timing and sequence of manufacturing processes to efficiently meet production goals and deadlines.

Profit-maximizing

This is an economic process where a firm determines the price and output level that returns the greatest profit.

Real Wages

Income from labor, corrected for inflation to reflect the real buying capability.