The data below show consumption of margarine (in ounces per
person per week) and its real price, for the UK.
(a) Draw an XY plot of the data and comment.
(b) From the chart, would you expect the line of best fit
to slope up or down? In theory, which way should it slope?
(c) What would you expect the correlation coefficient to be,
(d) Calculate the correlation coefficient between margarine
consumption and its price.
(e) Is the coefficient significantly different from zero?
What is the implication of the result?