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Calculate Karl Pearson’s Coefficient of correlation from the following data and interpret its value:

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Calculate Karl Pearson’s Coefficient of correlation from the following data and interpret its value:

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Let us take Price as X and supply as Y.

Computation of Pearson’s Correlation Coefficient:

Price of the product and supply for the product is positively correlated. When price of the product increases then the supply for the product also increases.

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