Inferential Statistics

The following table presents the data on rent expenditures from a sample data of ten families with varying monthly income:

Family income (in thousand pesos) (x): 37.2, 28.3, 43.1, 21.3, 28.8, 36.7, 45.9, 50.6, 25.3, 50.6

Rent expenditures (in pesos) (y): 25000,15000, 32000, 12000, 18000, 28000, 38000, 43120, 12000, 35150

Assume that there is a linear relationship between rent expenditure and family income.

Questions

1. What is the summation of x?
2. What is the summation of y?
3. What is the summation of xy?
4. What is the correlation of coefficient?
5. What is the strength and direction of the relationship?
6. What is the p-value?
7. What is the decision?
8. What is the implication?