Question
In: Economics
Consider the data provided in the table below, which shows years of education and income for...
Consider the data provided in the table below, which shows years of education and income for ten individuals.
| Education | Income(1) | Income(2) |
| 10 | 15,000 | 15 |
| 12 | 20,000 | 20 |
| 12 | 35,000 | 35 |
| 12 | 40,000 | 40 |
| 12 | 60,000 | 60 |
| 16 | 50,000 | 50 |
| 16 | 60,000 | 60 |
| 16 | 70,000 | 70 |
| 18 | 60,000 | 60 |
| 21 | 80,000 | 80 |
A) Calculate the covariance and correlation of education and income, using the “Income1” column for income, which is measured in dollars.
B) Calculate the covariance and correlation of education and income, this time using the “Income2” column for income, which is measured in thousands of dollars.
C) Based on what you have done, discuss the merits of using covariance and correlation to measure the relationship between two variables.
Solutions
Rahul Sunny answered 1 year agoRelated Solutions
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Consider the data in table below which shows the time required
to produce a particular item. Using that data, calculate the
learning rate associated with this product.
Units
Labor Hrs
5
155
9
147
13
137
17
97
25
72
Table 2 below shows the national income accounting data for the year 2020 in Country A....
Table 2 below shows the national income accounting data for the
year 2020 in Country A. Using expenditure approach, calculate the
following values:
Items RM (Million)
Depreciation 560
Gross private domestic investment expenditures 5980
Imports 9900
Exports 3000
Federal government expenditures 7900
State and local government expenditures 1653
Personal consumption expenditure 8960
Transfer payments 300
Receipts of factor income from the rest of the world 930
Payments of factor income to the rest of the world 1890
(i) Gross domestic...
Consider the national income accounting data provided in the following table: Item Billions of Dollars...
Consider the national income accounting data provided in the
following table:
Item Billions of Dollars
Gross private domestic investment $45
Personal Taxes 30
Proprietor Income 50
Transfer Payments 20
Indirect business taxes 15
Corporate income taxes 10
Government expenditures 39
Consumption of fixed capital (depreciation) 10
U.S. exports 20
Compensation to Employees (wages) 175
Dividends 15
Corporate Ret. Earnings (Undistributed Profits) 5
Net foreign factor income earned in U.S. 3
Rental Income 25...
The table below shows the distribution of income in the U.S. in the year 1978. Table...
The table below shows the distribution of income in the U.S. in
the year 1978.
Table 19.1
Percent Distribution of Aggregate Household Income in
1978, by Fifths of Households
Households
Percent of Income
Lowest Fifth
(under $6,391)
4.3
Second Fifth
($6,392 - $11,955)
10.3
Third Fifth
($11,956 - $18,122)
16.9
Fourth Fifth
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24.7
Top Fifth
($26,335 and over)
43.9
Refer to Table 19.1. What percentage of income is received by
the bottom 20% of the households?
a....
Consider the table below, which shows current account information for a country. All figures are in...
Consider the table below, which shows current account
information for a country. All figures are in billions of
dollars.
Exports of goods 4565
Imports of goods - 3967
Exports of services 899
Imports of services -845
Net unilateral transfers -23
According to the table, the merchandise trade balance for this
country is $? billion. (Enter your response as an integer.)
According to the table, the current account balance is ?
billion
and thus, if there is no government intervention, the...
Consider the table below, which shows current account information for a country. All figures are in...
Consider the table below, which shows current account
information for a country. All figures are in billions of
dollars.
Exports of goods
3344
Imports of goods
-3945
Exports of services
899
Imports of services
-845
Net unilateral transfers
-67
According to the table, the merchandise trade balance for this
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According to the table, the current account balance is $
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Question 1 Table 2 below shows the national income accounting data for the year 2020 in...
Question 1
Table 2 below shows the national income
accounting data for the year 2020 in Country A.
(include any tables and graphs, if any)
Items
RM (Million)
Depreciation
560
Gross private domestic investment
expenditures
5980
Imports
9900
Exports
3000
Federal government expenditures
7900
State and local government
expenditures
1653
Personal consumption expenditure
8960
Transfer payments
300
Receipts of factor income from the rest
of the world
930
Payments of factor income to the rest
of the world
1890
Using...
The data in the table below shows the ages of a group of people in a...
The data in the table below shows the ages of a group of people
in a certain community.
47 31 42 33 58 51 25 28 62 29 65 46 51 30 43 72 73 37 29 39 53
61 52 35
a. Construct an ordered stem-and-leaf diagram to represent the
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Actually Used Marijuana
No
Yes
Positive Test Result
32
103
Negative Test Result
156
6
How many subjects had false positive results?
How many subjects had false negative results?
What is the probability that a randomly selected person
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What is the probability that a randomly selected person
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Consider the following hypothetical data in the table below describing a survey in which dog and...
Consider the
following hypothetical data in the table below describing a survey
in which dog and cat owners are asked whether they go for daily
walks. Assume that we want to use a 0.01 significance level to test
the claim that whether you own a dog or a cat is independent of
whether you take a daily walk (based on Concepts and Applications
of two-way table hypothesis tests,
Daily walk
No Daily walk
Dog owner
95
15
Cat owner
40...
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