College basketball is big business, with coaches' salaries, revenues, and expenses in millions of dollars. The file College Basketball.xls contains the coaches' salaries and revenues for college basketball at 60 of the 65 schools that played in the 2009 NCAA men's basketball tournament.
(a) Compute the Covariance.
(b) Compute the coefficient of correlation.
(c) Based on (a) and (b), what conclusions can you reach about the relationship between coaches' salaries and revenues?
North Dakota State 123.10 954.93 954.93
Northern Iowa 454.00 1901.81 1511.23
Ohio State 2662.00 16115.42 4697.48
Oklahoma 1718.48 6753.15 5409.81
Oklahoma State 1800.00 11052.29 5166.06
Pittsburgh 1091.69 11100.03 5337.12
Portland State 120.01 1027.83 1027.83
Purdue 1098.12 7488.46 4701.27
Radford 246.50 1124.30 1124.30
Siena 417.08 1922.95 1922.95
Stephen F. Austin 166.31 993.60 993.60
Syracuse 1155.09 16817.12 7784.24
Temple 700.00 3738.92 2738.92
Tennessee 1947.38 12576.72 5464.91
Texas 2150.00 14770.28 7891.66
Texas A & M 1301.25 8984.82 6219.44
UCLA 2040.00 11775.92 6996.96
Utah 850.00 6022.42 2516.62
Utah State 482.18 3115.56 2327.72
Villanova 1983.77 7155.81 5959.93
Virginia Commonwealth 401.00 2772.15 2772.15
Wake Forest 793.90 8758.85 4185.15
Washington 1315.12 9269.22 4778.13
West Virginia 1716.00 9632.19 5963.76
Western Kentucky 355.50 2048.62 2048.62
Wisconsin 1639.50 14900.72 5446.46