Questions: Compute the correlation coefficient between the price of eggs and the price of milk. Round the answer to at least three decimal places The correlation coefficient is r= .0498 In a month where the price of eggs is above average, would you expect the price of milk to be above average or below average? Explain. I would expect the price of milk to be (Choose one) average since r is (Choose one)

Compute the correlation coefficient between the price of eggs and the price of milk. Round the answer to at least three decimal places

The correlation coefficient is r= .0498

In a month where the price of eggs is above average, would you expect the price of milk to be above average or below average? Explain. I would expect the price of milk to be (Choose one) average since r is (Choose one)

Transcript text: Compute the correlation coefficient between the price of eggs and the price of milk. Round the answer to at least three decimal places The correlation coefficient is $r=$ $\square$ .0498 In a month where the price of eggs is above average, would you expect the price of milk to be above average or below average? Explain. I would expect the price of milk to be (Choose one) $\mathbf{V}$ average since $r$ is (Choose one)

Solution

Solution Steps

Step 1: Find the correlation coefficient

The correlation coefficient is given as _r_ = 0.498.

Step 2: Interpret the correlation coefficient

A positive correlation coefficient indicates that as one variable increases, the other variable tends to increase as well. In this case, as the price of eggs increases, the price of milk also tends to increase.

Step 3: Determine the expected price of milk

Since the correlation coefficient _r_ is positive (0.498), and the price of eggs is above average, we would expect the price of milk to also be above average.

Final Answer:

Above, positive

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