The only realistic coefficient value for the correlation between the sizes of these homes and sale prices is 0.981
How to determine the coefficient?
The table of values is given as;
x : 1200 1350 1720 1510 1440 1675
y : 223 298 427 375 310 402
To calculate the coefficient, we make use of a graphing tool with the following summary:
X Values
- ∑ = 8895
- Mean = 1482.5
- ∑(X - Mx)2 = SSx = 193387.5
Y Values
- ∑ = 2035
- Mean = 339.167
- ∑(Y - My)2 = SSy = 28986.833
X and Y Combined
- N = 6
- ∑(X - Mx)(Y - My) = 73452.5
R Calculation
r = ∑((X - My)(Y - Mx)) / √((SSx)(SSy))
r = 73452.5 / √((193387.5)(28986.833))
r = 0.9811
Approximate
r = 0.981
Hence, the only realistic coefficient value for the correlation between the sizes of these homes and sale prices is 0.981
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