The following data were obtained from a sample of 12 respondents.In reviewing the above data,imagine that you first decide to calculate Pearson's correlation coefficient for the relationship between the highest grade of school completed for respondents and their fathers.If the covariance between respondents' and fathers' education is 3.23,what is the value of Pearson's correlation coefficient?
Definitions:
Price Change
An alteration in the cost of goods or services in the market.
Income
The amount of money received by an individual or entity, usually in exchange for labor or services, or through returns on investments.
Utility Function
A mathematical representation in economics that quantifies the satisfaction or happiness derived by a consumer from consuming goods and services.
Substitution Effect
The economic principle that as the price of a good rises, consumers will replace it with cheaper alternatives.
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