Crop YearColonies(Thousands)Imports5 (Million Pounds)Crop YearExports7 (Million Pounds)Stocks(Million Pounds)Average Price9 (Cents Per Pound)101-0.5807261Yield(Pounds Per Colony) 0.5361539 -0.158922961Production(Million Pounds)ColoniesYieldProductionImportsExportsStocksAverage Price(Thousands) (Pounds Per Colony) (Million Pounds) (Million Pounds) (Million Pounds) (Million Pounds) (Cents Per Pound)-0.8286227 0.4761339530.9573601 -0.4924365520.02667885 0.398267167-0.1011079 -0.4195779550.93564463 0.3882916770.789348938-0.564666617 -0.800739657-0.2986139230.717940376-0.001736277 0.0704732370.358126197 -0.141210662 -0.293567767-0.66435493 -0.8180693090.92773351 0.181681679 -0.359361496 Using the data in the worksheet"HoneyData" create a correlation tableusing the Analysis Toolpack in Excel. Usingthis information, answer the followingquestions and round your numeric answerto 2 decimal places.The correlation between Production andAverage Price is:This means that honey Production andAverage Price are negatively/positivelycorrelated.An Increase in Production is associatedwith an increase/decreasein Average Prices.

Correlation refers to the degree of relationship between two variables. It is an estimation of the…

The correlation between Production and Average Price is: This means that honey Production and Average Price are negatively/positively correlated. An Increase in Production is associated with an increase/decrease in Average Prices.

The correlation between Production and Average Price is: This means that honey Production and Average Price are negatively/positively correlated. An Increase in Production is associated with an increase/decrease in Average Prices.

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter1: Introducing The Economic Way Of Thinking

Section1.A: Applying Graphs To Economics

Problem 2SQP

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Question

Crop Year
Colonies
(Thousands)
Imports
5 (Million Pounds)
Crop Year
Exports
7 (Million Pounds)
Stocks
(Million Pounds)
Average Price
9 (Cents Per Pound)
10
1
-0.5807261
Yield
(Pounds Per Colony) 0.5361539 -0.158922961
Production
(Million Pounds)
Colonies
Yield
Production
Imports
Exports
Stocks
Average Price
(Thousands) (Pounds Per Colony) (Million Pounds) (Million Pounds) (Million Pounds) (Million Pounds) (Cents Per Pound)
-0.8286227 0.476133953
0.9573601 -0.492436552
0.02667885 0.398267167
-0.1011079 -0.419577955
0.93564463 0.388291677
0.789348938
-0.564666617 -0.800739657
-0.298613923
0.717940376
-0.001736277 0.070473237
0.358126197 -0.141210662 -0.293567767
-0.66435493 -0.818069309
0.92773351 0.181681679 -0.359361496

Using the data in the worksheet
"HoneyData" create a correlation table
using the Analysis Toolpack in Excel. Using
this information, answer the following
questions and round your numeric answer
to 2 decimal places.
The correlation between Production and
Average Price is:
This means that honey Production and
Average Price are negatively/positively
correlated.
An Increase in Production is associated
with an increase/decrease
in Average Prices.

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