The question is what is the correlation between age and a car price. they give 19 different ages with the price they paid for the car. For example age 23 paid $25,000 for a car. Age 50 paid $43,000 How do I compute the answer?
Convert the X and Y variables to standard units. Call the results X* and Y*. To do this for X, subtract the mean of X from each X value, then divide each deviation by the standard deviation. About 95% of the resulting values will lie between -2 and 2. The mean of the new variable, X*, will be zero, and the standard deviation will be one
May 9th, 2015
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