Obtain the Linear Correlation Coefficient for the Data $\begin{array}{r|rrrrrrrr}\mathrm{x} & 9 & 2 & 3 & 4 & 2 & 5 & 9 & 10 \\\hline \mathrm{y} & 85 & 52 & 55 & 68 & 67 & 86 & 83 & 73\end{array}$

question 20

Multiple Choice

Obtain the linear correlation coefficient for the data. Round your answer to three decimal places.
-The data below show the cost of advertising (x) , in thousands of dollars, and the number of products sold (y) , in thousands, for each of eight randomly selected product lines.
$\begin{array}{r|rrrrrrrr}\mathrm{x} & 9 & 2 & 3 & 4 & 2 & 5 & 9 & 10 \\\hline \mathrm{y} & 85 & 52 & 55 & 68 & 67 & 86 & 83 & 73\end{array}$

• A)\(- 0.071\)
• B) \(0.708\)
• C) \(0.246\)
• D) \(0.235\)

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Definitions:

Daniel Kahneman

A renowned psychologist and economist known for his work in the field of behavioral economics, particularly his research on decision-making and risk-taking.

Neoclassical Economics

An economic theory that focuses on how supply and demand balance to allocate resources efficiently in markets.

Behavioral Economics

A field of study that analyzes how psychological, cognitive, emotional, cultural, and social factors affect economic decision-making processes.

Rational Decisions

Choices made by individuals or entities based on logical assessment and comparison of the costs and benefits associated with different alternatives.