The Question Below Refers to the Following Information

question 8

Essay

The question below refers to the following information:
A professor is interested in knowing if the number of absences a student has during the semester is a good indication of how well a student does on the final exam. At the end of the year, the professor compares absence rates and exam grades for eight students. The data she found are as follows:
Is the correlation statistically significant and, if so, at what level?

---

Definitions:

Efficiency Loss

The loss of economic efficiency that can occur when equilibrium for a good or a service is not achieved or is not achievable.

Deadweight Loss

Deadweight loss is an economic inefficiency resulting from a disparity between supply and demand, often caused by market interventions like taxes or price controls, resulting in potential benefits not realized by any party.

Tax Revenue

The total amount of money collected by the government from taxes, which is then used for public expenditures.