The following data represent the daily demand (y in thousands of units) and the unit price (x in dollars) for a product.
a.Compute and interpret the sample covariance for the above data.
b.Compute and interpret the sample correlation coefficient.
Definitions:
Differential Costs
The difference in cost between two alternative decisions or changes in levels of operation.
Variable
An element that can change or vary, often used in mathematical modeling, programming, and statistical analysis to represent changeable data.
Committed Fixed Costs
Long-term fixed costs that cannot be easily altered in the short term, such as leases, insurance, and salaries for permanent staff.
Planning Horizon
The period into the future for which a company or individual makes plans and decisions, considering both short-term and long-term objectives.
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