Compute and interpret the sample correlation coefficient

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Reference no: EM13232788

The following data represent the daily demand (y in thousands of units) and the unit price (x in dollars) for a product.

Daily Demand (y) Unit Price (x)
47 1
39 3
35 5
44 3
34 6
20 8
15 16
30 6

a. Compute and interpret the sample covariance for the above data.

b. Compute and interpret the sample correlation coefficient.

Reference no: EM13232788

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