A Sample of 30 Observations Provides the Following Statistics

question 105

Essay

A sample of 30 observations provides the following statistics: a.Calculate and interpret the sample correlation coefficient .
B)Specify the hypotheses to determine whether or not x and y are significantly correlated.
C)At the 5% significance level,what is the conclusion to the test using the critical-value approach? Explain.
D)At the 5% significance level,what is the conclusion to the test using the p-value approach? Explain.

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Definitions:

Quantity Demanded

The aggregate quantity of a product or service that customers are prepared to buy at a specified price in a marketplace.

Quantity Supplied

The complete quantity of a product or service that sellers are ready and capable of offering for sale at a specified price point in the marketplace.

Demand

The total amount of goods or services that consumers are willing and able to purchase at various prices during a specified period.

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity of that good that consumers are willing to buy.