You are interested in knowing whe.ier wealthier people are happier. You collecte

Question

You are interested in knowing whe.ier wealthier people are happier. You collected data from fty people about their incomes and their overall happiness levels on a scale of 1 to 10. Upon analyzing the results, you find the correlation coefficient has a value of -0.25. On the basis of this data, respond to the following that 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 representative of the population. . .

Explanation / Answer

In terms of strength, the magnitude is only 0.25 which is low in comparison toa perferct correlation value of 1. So, the magnitude or the strenght is low. In terms of direction, the coefficient is -ve which shows a -ve relationship betwen wealth and happiness. As people get wealthy, they tend to be un-happy.

if the number of data increases, it affects the correlation coefficient.

Randomly selected samples help in obtaining unbaised estimate of the population correlation.

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