The Data Below Are the Average Monthly Temperatures, In ${ } ^ { \circ } \mathrm { F } \text {, }$

question 113

Essay

The data below are the average monthly temperatures, in ${ } ^ { \circ } \mathrm { F } \text {, }$ and the monthly natural gas consumption, in ccf,
for a household in northwestern Pennsylvania. Test the significance of the correlation coefficient using α $\alpha = 0.05$ and the claim ρ $\varrho < 0 .$ $$\begin{array} { l | c c c c c c c c c } \text { Temperature } & 47 & 35 & 21 & 27 & 39 & 48 & 61 & 65 & 70 \\\hline \text { Consumption } & 34 & 169 & 248 & 134 & 137 & 100 & 19 & 34 & 12\end{array}$$

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Definitions:

Labor Supply Curve

A graphical representation of the relationship between the quantity of labor supplied and the wage rate in an economy.

Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in the price of that good, calculated as the percentage change in quantity demanded divided by the percentage change in price.

Logarithmic Scales

Logarithmic scales are a way of displaying data on graphs where the scale is divided according to orders of magnitude, so each step on the scale represents a tenfold change in the data.

Marginal Revenue

The increase in revenue that results from the sale of one additional unit of product or service.