The Following Data Represent the Demand (Y) of an Item

question 7

Short Answer

The following data represent the demand (Y) of an item at a local shop and their price (X).
Use the data to determine:
a) the coefficient of correlation between demand for the item and price,
b) the proportion of the variation in demand accounted for by price.

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Definitions:

Myers-Briggs Type Indicator

An assessment tool designed to identify a person's psychological type based on Carl Jung's theory of psychological traits.

Judging (J)

A personality trait characterized by a preference for organization, planning, and decision-making in a methodical manner.

Assessment Center

A wide variety of specific selection programs that use multiple selection methods to rate applicants or job incumbents on their management potential.

Multiple Raters

The involvement of several individuals in assessing or evaluating performance, typically to enhance objectivity or reliability.