Homework 1

Question 23 The following data represent the daily demand (y in thousands of units) and the unit price (x in dollars) for a product. Unit Price (X) Daily Demand () 1 30 4 34 7 40 3 33 5 38 What is the covariance of the two variables (Daily Demand and Unit Price)? O a. 7 O b. 8.75 O c. 5 O d. 12.25An economics professor wants to study the relationship between income and education. A sample of 10 individuals is selected at random, and their income (in thousands of dollars) and education (in years) are given in Education-Income.xIsx . What is the relationship between income and education? (Hint: Draw a scatter chart or calculate the coefficient of correlation to answer the question.) O a. Positive linear relationship. O b. Strong negative linear relationship. O c. Strong positive linear relationship. O d. Negative linear relationship.Question 22 The following data represent the daily demand (y in thousands of units) and the unit price (x in dollars) for a product. Unit Price (X) Daily Demand () 30 4 34 40 3 33 5 38 What is the standard deviation for variable y (Daily Demand)? O a. 16 O b. 5 O c. 4 O d. 64Question 21 Which of the following is not a categorical variable? O a. Your cell phone area code O b. Your age O c. Your Social security number O d. Your high school graduation year