Question
Draw a scatter diagram for:
  1. Perfect positive correlation.
  2. Perfect negative correlation.
  3. Zero correlation.
  4. Low positive correlation.
  5. low negative correlation.
  6. High positive correlation.

Answer

  1.  
  1.  
  1.  
  1.  

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Similar questions

Read the following case study carefully and answer the questions 1-2 on the basis of the same:
Firms must weigh the opportunity costs of producing one good versus another. As the production possibilities frontier showed, productive resources are limited and choices among outputs must be made. Such choices depend on relative prices. A farmer with farmland suited for both corn and soybeans must decide how much of each crop to plant. As the price of soybean falls, more land will be planted in corn. Oil refiners will be guided by the relative prices of fuel oil, gasoline, and kerosene in deciding how much of each to refine. Higher price of fuel oil tends to lower the supply of other refined oil products. Firms must also compare today's prices with those expected in the future.
$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$-Paul R. Gregory, Essentials of Economics, 4th Edition, University of Houston

1. How does the rise in the price of fuel oil affect the supply of other refined oil products?
2. How is withdrawal of subsidy on the inputs used (like fuel oil prices, gasoline, and kerosene in the above case) in the production of refined oil products likely to affect the supply and demand for refined oil products in India? Also, explain its implications in the Indian economy.
Describe how to tell whether a set of data points shows a positive correlation, a negative correlation, or approximately no correlation.
Calculate Karl Pearson’s coefficient of correlation:
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What is meant by production possibility curve? Illustrate with the help of a table and diagram.
Read the following hypothetical information carefully and answer the questions 1-6 on the basis of the same:
Price (₹)Demand (Units)
5100
675
850
1. When price changes from ₹ 5 to ₹ 6, price elasticity of demand will be  ____________.    (Fill up the blank with correct alternative)
(a) 0.8
(b) 1
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2. On the basis of your answer of the above question, express your opinion regarding the nature of elasticity of demand.
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(a) It is a situation of perfectly elastic demand
(b) It is a situation of perfectly inelastic demand
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3. When price changes from ₹ 6 to ₹ 8, price elasticity of demand will be ____________.     (Fill up the blank with correct alternative)
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4. On the basis of your answer of the above elasticity of demand. question, express your opinion regarding the nature of
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(a) It is a situation of unitary elastic demand
(b) It is a situation of elastic demand
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Statement 1 : Slope of demand curve and elasticity of demand are different concepts.
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(a) Both the statements are true
(b) Both the statements are false
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(ii) Fall in the price of complementary good.
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$1.$ On the basis of the data given above, the equilibrium price is
$(a) \ 2$
$(b) \ 4$
$(c) \ 50$
$(d) \ 100$
$2.$ On the basis of the data given above, the equilibrium quantity is:
$(a) \ 100$ units
$(b) \ 200$ units
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$(b) \ 40$
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$(a) \ 200$ units
$(b) \ 240$ units
$(c) \ 300$ units
$(d) \ 320$ units
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Statement $1:$ In a situation of excess demand, market price tends to fall.
Statement $2:$ In a situation of excess supply, market price tends to rise.
$(a)$ Both the statements are true
$(b)$ Both the statements are false
$(c)$ Statement $1$ is true and Statement $2$ is false
$(d)$ Statement $2$ is true and Statement $1$ is false
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