You are interested in knowing whether wealthier people arehappier. You collected data from fifty people about their incomesand their overall happiness levels on a scale of 1 to 10. Uponanalyzing the results, you find that the correlation coefficienthas a value of −0.25. On the basis of this data, respond to thefollowing:
- How would you interpret the correlation coefficient in terms ofstrength and direction?
- How would the results be affected if you increased the numberof subjects in the study to one thousand? Why might that affect theoverall correlation?
- How important is it to randomly select subjects? Explain indetail using an example of a sample that might not be trulyrepresentative of the population.
