A linear regression model of unemployment rate in a specific area and the sales for a...
A linear regression model of unemployment rate in a specific area and the sales for a certain product determined that the correlation coefficient was -0.843. Which one of the following statements is true? a. As the unemployment rate declines, sales decline b. None of the answers provided c. As the unemployment rate increases, the sales decrease d. As sales increase, the unemployment rate increases e. The relationship between the two variables is weak
Homework Answers
Correlation coefficient measures the degree of relationship between two variables and lies between -1 and 1
A negative correlation indicates negative relation between two variables
Since the correlation coefficient is -0.843 between unemployment rate and sales, it means that
c. As the unemployment rate increases, the sales decrease
The relationship is strong as the coefficient is -0.843
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