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Coefficient of Correlation & Determination

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(15.42)

For each of 10 popular prescription drugs, file XR15042 lists the retrail price (in U.S. dollars) for the drug in secveral different countries, including the United States, Canada, Great Britain, and Australia. Determine and interpret the coefficients of correlation and determination for U. S. prices versus Canadian prices.
Drug US Price Canada Price Great Britain Price Australia Price
Prilosec 3.31 1.47 1.67 1.29
Prozac 2.27 1.07 1.08 0.82
Lipitor 2.54 1.34 1.67 1.32
Prevacid 3.13 1.34 0.82 0.83
Epogen 23.4 21.44 27.48 29.24
Zocor 3.16 1.47 1.73 1.75
Zoloft 1.98 1.07 0.95 0.84
Zyprexa 5.27 3.39 2.86 2.63
Claritin 1.96 1.11 0.41 0.48
Paxil 2.22 1.13 1.7 0.82

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Coefficient of Correlation & Determination - Drug Prices
15.42. For each of 10 popular prescription drugs, file XR15042 lists the retail price (in U.S. dollars) for the drug in several different countries, including the United States, Canada, Great Britain, and Australia. Determine and interpret the coefficients of correlation and determination for U. S. prices versus Canadian prices.
Drug US Price Canada Price Great Britain Price Australia ...

Solution Summary

The solution provides step by step method for the calculation of correlation coefficient and coefficient of determination. Formula for the calculation and Interpretations of the results are also included.

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