please answer question 8.1 8.1 For each of the following pairs, explain why you
ID: 3226856 • Letter: P
Question
please answer question 8.1
8.1 For each of the following pairs, explain why you believe that they are positively related, negatively related, or essentially unrelated. If they are related, identify the dependent variable.
a. The cost of constructing a house and its market price.
b. The winter price of corn and the number of acres of corn planted by Iowa farmers the following spring.
c. The price of steak and the amount purchased by a college dining hall.
d. The price of gasoline and sales of large cars.
e. The number of wins by the New York Yankees and the price of tea in China.
Explanation / Answer
a. As constructing price increases price of house increases. Hence it is positively related. Dependent is market price and independent is constructing price
b. Same as a, price of one is dependent on other. if cost of planting is high corn price will increase. So positively. Winter price of corn dependent and planting price independent
c. As the price of steak increases college will start purchasing less amount because of the price of mess cannot be changed. Hence they are negatively related. Price of steak is independent and purchased by college dining hall is dependent variable.
d. As large cars give low average and hence uses more gasoline this is negatively related. price of gasoline is independent and sales of cars is dependent variable
e. This two variables don have any relations so they are essentially unrelated.
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