The Data Below Are the Gestation Periods, in Months, of Randomly

question 107

Essay

The data below are the gestation periods, in months, of randomly selected animals and their corresponding life
spans, in years. Test the significance of the correlation coefficient using α $\alpha$ = 0.01 and the claim ρ $Q > 0$ $$\begin{array} { l | l l l l l l l l } \text { Gestation, } \mathrm { x } & 8 & 2.1 & 1.3 & 1 & 11.5 & 5.3 & 3.8 & 24.3 \\\hline \text { Life span, } \mathrm { y } & 30 & 12 & 6 & 3 & 25 & 12 & 10 & 40\end{array}$$ 40

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Definitions:

Replacement Cost

The current market price it would cost to replace an asset with a similar new asset.

Market Value

The present cost at which a service or asset is available for purchase or sale on an open market.

Selling Price

The amount of money for which a product or service is sold to customers, which may include discounts, promotions, or variable pricing strategies.

Conservatism

An accounting principle that requires potentially uncertain expenses and liabilities to be recognized promptly, but revenues only when they are assured.