Construct a Scatter Diagram for the Given Data

question 33

Essay

Construct a scatter diagram for the given data. Determine whether there is a positive linear correlation,negative linear correlation, or no linear correlation. $$\begin{array} { c | c | c | c | c | c | c | c | c | c | c | } \mathrm { x } & - 5 & - 3 & 4 & 1 & - 1 & - 2 & 0 & 2 & 3 & - 4 \\\hline \mathrm { y } & 11 & 6 & - 6 & - 1 & 3 & 4 & 1 & - 4 & - 5 & 8\end{array}$$

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Definitions:

Perfectly Inelastic

A situation in demand or supply in which the quantity demanded or supplied does not change regardless of changes in price.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a specific price.

Income Elasticity

A measure of how much the demand for a product or service changes relative to a change in consumers' income.

Total Revenue

The total income a firm receives from the sale of its goods or services before any costs or expenses are subtracted.