What is the correlation coefficient between age and salary?

I believe the formula is r = (nΣxy - ΣxΣy) / √((nΣx^2 - (Σx)^2)(nΣy^2 - (Σy)^2))In summary, the conversation is about finding the correlation coefficient between age and salary of 10 employees in a firm. The formula for the correlation coefficient is r = (nΣxy - ΣxΣy) / √((nΣx^2 - (Σx)^2)(nΣy^2 - (Σy)^2)). The value of the coefficient will be determined by the data provided and may be affected by certain individuals
  • #1
Natasha1
493
9
Could some one please help me with the following question.

The ages and salaries (in thousands of $) of 10 employees in a firm are given below.

Age - Salary
28 - 17
31 - 22
31 - 28
35 - 20
40 - 26
44 - 30
45 - 32
48 - 18
53 - 33
67 - 42

What is the correlation coefficient between age and salary? (Giving enough detail to understand the proceedings)

Comment on its value (referring maybe back to the data, to note any individuals who figures make a particular contribution to the value of the coefficient)
 
Last edited:
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  • #2
Cumon Nat, you should know by now that you need to show some work. What is the formula for the correlation coefficent you have been given?

~H
 

Related to What is the correlation coefficient between age and salary?

1. What does the correlation coefficient measure?

The correlation coefficient measures the strength and direction of the linear relationship between two variables. In this case, it measures the strength and direction of the relationship between age and salary.

2. How is the correlation coefficient calculated?

The correlation coefficient, denoted as r, is calculated by dividing the covariance of two variables by the product of their standard deviations. It ranges from -1 to 1, where a value closer to 1 indicates a stronger positive relationship and a value closer to -1 indicates a stronger negative relationship.

3. What does a correlation coefficient of 0 mean?

A correlation coefficient of 0 means that there is no linear relationship between the two variables being compared. It does not necessarily mean that there is no relationship at all, as there could be a non-linear relationship present.

4. Can a correlation coefficient be above 1 or below -1?

No, a correlation coefficient cannot be above 1 or below -1. These values represent a perfect positive or negative relationship, respectively. Any value outside of this range is not possible.

5. Does a high correlation coefficient always mean a causal relationship?

No, a high correlation coefficient does not necessarily mean a causal relationship. While a strong correlation may suggest a potential causal relationship, it is important to consider other factors and conduct further research before concluding causation.

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