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Information: You have been provided with the following data from a sample of small economy (in billions of dollars): Year 2016 2017 2018 2019 2020

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Information: You have been provided with the following data from a sample of small economy (in billions of dollars): Year 2016 2017 2018 2019 2020 Income 70 90 110 130 150 Consumption 60 70 90 100 120 a) What are the variances of income and consumption? (2 marks) What is the covariance between income and consumption? (2 marks) What is the correlation coefficient between income and consumption? (1 mark)

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