ECON 250 Midterm: ECON 250 Pastmidterm1 MT1Fall2011

• School: Queen's University
• Department: Economics
• Course: ECON 250
• Professor: All

Document Summary

0 (a) find the sample means x and y . (b) compute the correlation coe cient between x and y : a committee of 4 people is to be selected from a group of 3 men and 4 women. Answer all four questions in the answer booklet provided. Formulas and tables are provided at the end of the question pages: the following data give x, the price charged for a particular item, and y , the quantity of that item sold (in thousands): Price per piece (x) thousands of pieces sold (y ) 0 (a) find the sample means x and y . = 50 (b) compute the correlation coe cient between x and y . Y = (80(cid:0)50)2+(60(cid:0)50)2+(70(cid:0)50)2+(40(cid:0)50)2+(0(cid:0)50)2 s2 sx y = (2(cid:0)4)(80(cid:0)50)+(3(cid:0)4)(60(cid:0)50)+(4(cid:0)4)(70(cid:0)50)+(5(cid:0)4)(40(cid:0)50)+(6(cid:0)4)(0(cid:0)50) rx y = = (cid:0)45: a committee of 4 people is to be selected from a group of 3 men and 4 women.