A scatter diagram reveals a strong positive linear relationship between oil and gasoline prices.Which of the following numerical techniques will not give us more detailed information about this relationship?
A)Coefficient of determination
B)Coefficient of correlation
C)Coefficient of variation.
D)All of these choices help us describe this relationship.

Question

Quizplus · Accepted Answer

The coefficient of variation is a measure of relative variability, which is useful in comparing the dispersion of two or more datasets from different units of measurement. However, it does not give us any detailed information about the strength or direction of the linear relationship between oil and gasoline prices. On the other hand, both the coefficient of determination (R-squared) and the coefficient of correlation (r) are measures of the degree of linear association between two variables, and can provide valuable insights about the pattern of the scatter plot. Therefore, choice C is the best answer.

A Scatter Diagram Reveals a Strong Positive Linear Relationship Between