The Graph Below Shows the Regression Line for the Data $\mathrm{r}=0.947$

question 80

Short Answer

The graph below shows the regression line for the data. The correlation coefficient is $\mathrm{r}=0.947$ . Is it correct to say this data show strong positive correlation?

---

Definitions:

Value of Marginal Product

The additional revenue a firm generates from employing one more unit of input, such as labor, assuming all other inputs are constant.

Demand Decreases

A situation where there is a fall in the quantity of a product that consumers are willing and able to purchase at a given price.

Perfectly Competitive

A market structure characterized by a large number of buyers and sellers, homogenous products, no barriers to entry or exit, and perfect information among market participants.

Normal Good

A good for which demand increases when consumer income rises, showing a positive relationship between income and demand.