Explore BrainMass

Explore BrainMass

    Correlation: Happiness and Wealth

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    You are interested in knowing whether wealthier people are happier. You collected data from fifty people about their incomes and their overall happiness levels on a scale of 1 to 10. Upon analyzing the results, you find that the correlation coefficient has a value of −0.25. On the basis of this data, respond to the following:

    - How would you interpret the correlation coefficient in terms of strength and direction?
    - How would the results be affected if you increased the number of subjects in the study to one thousand? Why might that affect the overall correlation?
    - How important is it to randomly select subjects? Explain in detail using an example of a sample that might not be truly representative of the population.

    © BrainMass Inc. brainmass.com June 4, 2020, 4:13 am ad1c9bdddf
    https://brainmass.com/statistics/descriptive-statistics/correlation-happiness-and-wealth-550638

    Solution Summary

    This solution is comprised of a detailed explanation of correlation analysis. This solution mainly discussed the correlation analysis with following questions:

    - How would you interpret the correlation coefficient in terms of strength and direction?
    - How would the results be affected if you increased the number of subjects in the study to one thousand? Why might that affect the overall correlation?
    - How important is it to randomly select subjects? Explain in detail using an example of a sample that might not be truly representative of the population.

    $2.19

    ADVERTISEMENT