You are interested in knowing whether wealthier people are happier. You collected data from fifty people about their incomes and their overall happiness levels on a scale of 1 to 10. Upon analyzing the results, you find that the correlation coefficient has a value of −0.25. On the basis of this data, respond to the following:
How would you interpret the correlation coefficient in terms of strength and direction?
How would the results be affected if you increased the number of subjects in the study to one thousand? Why might that affect the overall correlation?
How important is it to randomly select subjects? Explain in detail using an example of a sample that might not be truly repres
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You’re curious about whether affluent people are happier. You gathered information from fifty people on their earnings and overall satisfaction levels on a scale of 1 to 10. After evaluating the results, you discover that the correlation coefficient is 0.25. Respond to the following questions based on this information:
In terms of strength and direction, how would you interpret the correlation coefficient?
How would the results change if the number of subjects in the study was increased to 1,000? Why might that affect the overall correlation?
How important is it to randomly select subjects? Explain in detail using an example of a sample that might not be truly representative of the population.
AT LEAST 600 WORDS
