Assume a consultant wants to find out the relationship between Law firm revenues

Question

Assume a consultant wants to find out the relationship between Law firm revenues in 1000's and Hours worked by new associates in 100's for a sample of 120 projects. The results are as follows for a correlation Correlation: Hour100, Rev1000 Correlations n=120 Pearson correlation -0506 P-value Write the correct hypothesis O Ha: Rho-1: There is a correlation between hours and revenues O Ho: Rho-0: There is not a correlation between hours and revenues O Ho: B-0: Hours affect revenues Ha: Rho , 0: There is not a correlation between hours and revenues

Explanation / Answer

1) H0: Rho = 0 (There is no correlation)

2) T table value would be T.025, 18 and T.0975, 18

c) We should " Do not reject H0" when alpha = 0.01 because p value is greater than significance level

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