Use the Following Information for Questions -Which of the Following Choices Represents the Highest and Lowest

question 30

Multiple Choice

Use the following information for questions
$\begin{array}{c}\begin{array}{l}\\\text { Month } \\\text { Jan } \\\text { Feb } \\\text { Mar } \\\text { Apr } \\\text { May } \\\text { Jun } \\\text { Jul } \\\text { Aug }\end{array}\begin{array}{l}\text { Labour }&\text { Overhead } \\ \underline{\text { Hours (X) }}& \underline{\text { Costs (Y) }}\\200 & \$ 415 \\175 & \$ 385 \\290 & \$ 520 \\300 & \$ 534 \\185 & \$ 403 \\265 & \$ 490 \\160 & \$ 372 \\320 & \$ 564\end{array}\end{array}$

-Which of the following choices represents the highest and lowest respective coordinates of activity level and corresponding total overhead costs?

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Definitions:

E(XY)

The expected value of the product of two random variables, indicating their joint variability.

Coefficient of Correlation

A measure that indicates the extent to which two variables fluctuate together. A value closer to 1 or -1 indicates a strong relationship, while a value near 0 suggests no relationship.

X and Y

Typically used to represent independent and dependent variables in a mathematical function or data set, respectively.

Marginal Probability

is the probability of an event occurring without considering other related events.