Do Countries with Higher Populations Have More Billionaires?
The table gives the number of billionaires and the population (in hundreds of thousands) for various countries in the world in 2015. The number of billionaires comes from Forbes Magazine in July 2015.
a. Without doing any calculations, predict whether the correlation and the slope will be positive or negative. Explain your prediction.
b. Make a scatterplot with the population (in hundreds of thousands) on the x-axis and the number of billionaires on the y-axis. Was your prediction correct?
c. Find the numerical value for correlation.
d. Find the value of the slope and explain what it means in context. Be careful with the units.
e. Explain why interpreting the value for the intercept does not make sense in this situation.
