See the latest updates to the Gemini Apps Privacy HubOpens in a new window Conversation with Gemini profile picture Explain what the term correlation means (Your answer should include the definition, different types of correlation and how to use a scatter plot to identify the nature of correlation between any two variables) 4 marks b) Davis and Michael are two Journalists who write regular newspaper columns advising readers which wine offers good value for money. They taste a number of wines and then estimate the retail prices of the corresponding bottles of wine. Their estimates are shown in the following table Wine A B C D E F G H Davis's Estimate (in thousands of Shillings Michael's Estimate (in thousands of Shillings 70 30 250 500 20 50 170 800 120 90 190 200 250 90 100 40 260 600 3 marks i. Obtain the scatter plot for this information and comment on it ii. Calculate the value of Pearson's coefficient of correlation. What interpretation can you derive from this value? 5 marks 1 c) i) Explain the steps involved in obtaining Spearman's Rank Correlation Coefficient 3 marks ii)A random sample of recent repair jobs at IUEA was selected and the estimated cost and actual costs were recorded as in the following table: Estimated cost(in ten thousand shillings) 30 45 80 25 50 97 47 40 Actual cost (in ten thousand shillings) 27 48 73 29 63 87 39 45 Calculate the value of the Spearman's rank correlation coefficient from this information.