Answer:
Let's assume the following data:
Price in Dollars (X) 26 29 32 38 47
Number of Bids (Y) 12 13 15 16 18
For our case we have this:
n=10
So then the correlation coefficient would be r =0.974
Step-by-step explanation:
Previous concepts
The correlation coefficient is a "statistical measure that calculates the strength of the relationship between the relative movements of two variables". It's denoted by r and its always between -1 and 1.
Solution to the problem
And in order to calculate the correlation coefficient we can use this formula:
Let's assume the following data
Price in Dollars (X) 26 29 32 38 47
Number of Bids (Y) 12 13 15 16 18
For our case we have this:
n=10
So then the correlation coefficient would be r =0.974