Consider the Following to Answer the Question(s) Below

question 27

Essay

Consider the following to answer the question(s) below:
To determine whether the tip left at the end of a meal is related to the size of the total bill at their restaurant, Chez Michelle, data were gathered for 10 customers. The data and summary statistics are shown below.

-A consumer research group investigating the relationship between the price of meat (per kilogram) and the fat content (grams) gathered data that produced the following scatterplot. a. Describe the association between the price of meat and fat content.
b. Estimate the correlation. Which value of r looks most probable: -0.9, -0.5, or -0.1?
c. If the point in the lower left hand corner ($2.00 per kilogram, 6 grams of fat) is removed, would the correlation become stronger, weaker, or remain the same? Explain.

---

Definitions:

Fiscal Year

A fiscal year is a 12-month period that companies and governments use for accounting and budget purposes, which may or may not align with the calendar year.

Cash Dividends

The portion of a company's earnings that is distributed to shareholders in the form of cash payments.

Fiscal Year

A 12-month period used for accounting purposes, which may not necessarily align with the calendar year.

Statement of Cash Flows

A financial report that summarizes the amount of cash and cash equivalents entering and leaving a company, showing how the company raises and spends money during a specific period.