A commercial airline is analyzing the price scale for round trip flights between New York and Pennsylvania. The sooner the customer buys the ticket, the cheaper the ticket price is. The sales manager collected information for the last year on how many bought their tickets at each price: Ticket Price (in dollars) # of Customers (in thousands) 5 15 23 27 20 10 89 125 135 150 178 198 What is the coefficient of correlation between the ticket price and the number of customers purchasing at that price?

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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A commercial airline is analyzing the price scale for round trip flights between New York and Pennsylvania. The sooner the c
buys the ticket, the cheaper the ticket price is. The sales manager collected information for the last year on how many cust
bought their tickets at each price:
Ticket Price (in dollars) # of Customers (in thousands)
5
15
23
27
20
89
125
135
150
178
198
10
What is the coefficient of correlation between the ticket price and the number of customers purchasing at that price?
Answer:
Transcribed Image Text:A commercial airline is analyzing the price scale for round trip flights between New York and Pennsylvania. The sooner the c buys the ticket, the cheaper the ticket price is. The sales manager collected information for the last year on how many cust bought their tickets at each price: Ticket Price (in dollars) # of Customers (in thousands) 5 15 23 27 20 89 125 135 150 178 198 10 What is the coefficient of correlation between the ticket price and the number of customers purchasing at that price? Answer:
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