Consider the following data on income and savings in your answers to the questions below: Income...

Consider the following data on income and savings in your answers to the questions below:

Income ($ thousands)	Savings ($ thousands)
50	10
51	11
52	13
55	14
56	15
58	15
60	16
62	16
64	17
67	17

Using excel, calculate the correlation coefficient for the same. Interpret this correlation coefficient and describe the relationship between income and savings.
Show a scatter diagram of the relationship between income and savings.

Expert Solution

Here, we have to obtain the Correlation Coefficient for the given data on Income and Savings.

The detailed procedure to answer the given question is as given in the images below:-

Hence, the Correlation Coefficient, r = 0.9306

Description:- Here, the Correlation Coefficient between Income and Savings is r= 0.9306 , which implies a very strong positive correlation between the two variables.

It means that , both the variables move in the same direction. i.e. either both increase or decrease together.

b.

The Scatterplot for Income and Savings is as follows:-

The Scatterplot shows an increasing nature i.e. if Income increases, the savings also increase.

Hence, the Scatterplot gives us an idea that the correlation between the two variables should be Positive.

This answers your question.

If you have understood the answer please rate Positively.

orchestra answered 1 year ago

Based on the below code: Answer the following questions and explain your answers: i)Presume that the...

Based on the below code: Answer the following questions and explain your answers: i)Presume that the code is instantiated in a process and it has JUST returned from its own call to fork() and there is now a clone of that process that is itself “just about” to pick up execution. Where will the clone child pick up its execution? ii)How does the clone child know it’s a clone? How does the parent process know it is not a clone,...

Answer the following questions: Consider the data below for a hypothetical economy. All figures are in...

Answer the following questions: Consider the data below for a hypothetical economy. All figures are in billions of dollars. Real Domestic Aggregate Aggregate Output Expenditures (C + Ig), Expenditures (C + Ig + Xn), (GDP = DI) Private, Closed Economy Exports, X Imports, M Private, Open Economy ($ Billions) ($ Billions) ($ Billions) ($ Billions) ($ Billions) 200 245 30 15 ________ 250 ...

1) Consider the production function for gummy bears for the following questions. Justify your answers. Q=...

1) Consider the production function for gummy bears for the following questions. Justify your answers. Q= LK+L= L(K+1), (MPL=K+1, MPK=L) a) Calculate this firm’s isoquant. b) Calculate capital demand for this firm. c) Calculate labour demand for this firm. d) Calculate total cost for this firm. Simplify. e) Calculate average cost (simplify) for this firm.

Answer the following questions on the basis of the following hypothetical national income data. SHOW YOUR...

Answer the following questions on the basis of the following hypothetical national income data. SHOW YOUR WORK. Interest paid by consumers------------------------------------- $ 15 Government purchases of goods & services--------------- 400 Social Security taxes---------------------------------------------- 135 Personal taxes------------------------------------------------------ 320 Corporate income taxes----------------------------------------- 20 Indirect business taxes------------------------------------------- 50 Transfer payments------------------------------------------------ 160 U.S. exports--------------------------------------------------------- 35 Gross private domestic investment--------------------------- 180 Personal consumption expenditures-------------------------- 600 U.S. imports-------------------------------------------------------- 45 Undistributed corporate profits------------------------------- 15 ...

[The following information applies to the questions displayed below.] Income statement and balance sheet data for...

[The following information applies to the questions displayed below.] Income statement and balance sheet data for The Athletic Attic are provided below. THE ATHLETIC ATTIC Income Statements For the years ended December 31 2019 2018 Net sales $10,400,000 $8,900,000 Cost of goods sold 6,800,000 5,450,000 Gross profit 3,600,000 3,450,000 Expenses: Operating expenses 1,600,000 1,600,000 Depreciation expense 200,000 210,000 Interest expense 40,000 50,000 Income tax expense 400,000 360,000 Total expenses 2,220,000 2,220,000 Net income $1,360,000 $1,230,000 THE ATHLETIC ATTIC Balance Sheets...

[The following information applies to the questions displayed below.] Income statements and balance sheets data for...

[The following information applies to the questions displayed below.] Income statements and balance sheets data for Virtual Gaming Systems are provided below. VIRTUAL GAMING SYSTEMS Income Statements For the year ended December 31 2019 2018 Net sales 3,470,000 2,996,000 Cost of goods sold 2,472,000 1,942,000 Gross Profit 998,000 1,054,000 Expenses: Operating Expenses 947,000 850,000 Depreciation expenses 22,000 23,000 Loss on sale of land 0 7,200 Interest expense 14,000 11,000 Income tax expense 7,200 44,000 Total expenses 990,200 935,200 Net income...

Instructions 1. Provide an original post with your answers to the questions below and reply to...

Instructions 1. Provide an original post with your answers to the questions below and reply to at least two classmates. Do not upload a document. 2. Do not repeat the questions in your post, but do number your answers. 3. A complete answer post is several sentences in length, and will: (1) define and explain the correct legal terms, rules, and principles, (2) apply the legal rules and principles to the facts in the question, (3) state a conclusion, and...

Directions: Complete the Critical Thinking questions below as fully as possible. Your answers should be your...

Directions: Complete the Critical Thinking questions below as fully as possible. Your answers should be your own and not from a book or the internet. Each response must be at least 3-5 complete sentences in length. What is art? Give your definition, not one you look up in a book or online. Think about what it means to you. Why study art history? Who has the ability and authority to create and/or define art? What continually...

1. Please give concise and precise answers for the following questions. Your answers should be no...

1. Please give concise and precise answers for the following questions. Your answers should be no more than five (5) sentences. a) What is consolidation (5 points)? b) Is consolidation the only reason why soil layers having settlements (5 points)? c) Under what kind(s) of condition will soil layers consolidate (5 points)? d) What are the basic assumptions of Terzaghi’s consolidation theory (5 points)? e) Based on the consolidation theory proposed by Karl Terzaghi, which factor from the results of...

There are 2 different questions, and the data table is below each question. Please answers them...

There are 2 different questions, and the data table is below each question. Please answers them all A drug test is administered to 10000 individuals as indicated in the contingency table below. Determine the specificity, the sensitivity the PPV and NPV of the test. Also give the prevalence of drug use in the population. Would you trust a positive result for this test (meaning does this accurately indicate that you are a drug user?) Would you trust a negative result?...

Question