- A young family were looking for a new 3 bedroom semi-detached house. A local survey recorded the price \(x\), in \(\pounds 1000\), and the distance \(y\), in miles, from the station of such houses. The following summary statistics were provided
$$S _ { x x } = 113573 , \quad S _ { y y } = 8.657 , \quad S _ { x y } = - 808.917$$
- Use these values to calculate the product moment correlation coefficient.
- Give an interpretation of your answer to part (a).
Another family asked for the distances to be measured in km rather than miles.
- State the value of the product moment correlation coefficient in this case.