A student wanted to know if how much money people spent per month on beer based...

A student wanted to know if how much money people spent per month on beer based on their income. Therefore, he asked 7 random people at Meijer their income and monthly beer spending. The following table includes the responses

	Income	Spent on Beer
1	17500	160
2	28000	130
3	50000	120
4	55000	125
5	65000	130
6	80000	80
7	100000	75
Mean	56500	117.1429

What is the coefficient of correlation?

Expert Solution

X	Y	XY	X^2	Y^2
17500	160	2800000	306250000	25600
28000	130	3640000	784000000	16900
50000	120	6000000	2500000000	14400
55000	125	6875000	3025000000	15625
65000	130	8450000	4225000000	16900
80000	80	6400000	6400000000	6400
100000	75	7500000	10000000000	5625

n	7
sum(XY)	41665000.00
sum(X)	395500.00
sum(Y)	820.00
sum(X^2)	27240250000.00
sum(Y^2)	101450.00
Numerator	-32655000.00
Denominator	35963476.26
r	-0.9080
r square	0.8245

Xbar(mean)	56500.0000
Ybar(mean)	117.1429
SD(X)	21161.5808
SD(Y)	23.5260

b	-0.0010
a	170.9936

Coefficient of correlation = r = -0.9080

orchestra answered 2 years ago

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