You want to find out whether there is an association between the quantity of customer purchases ( y) and customer income € (x). For 715 customers, you calculate a covariance between income and purchase quantity of SXY = 2.4 for 715.

(a) What does covariance tell us about trait association?

(b) Calculate Pearson’s correlation coefficient assuming that:

(c) Explain the association between the traits based on the calculated correlation coefficient.

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n n (x₁ - x)² = 22,500 and (y₁ - y)² = 17,000 i=1 i=1