The scatter plot likely shows a negative correlation between days since being paid and discretionary spending balance. As days increase, the balance decreases due to gradual spending, indicating an inverse relationship between the variables.
Positive correlation: This would indicate that as the number of days since you were paid increases, the amount left in your discretionary spending envelope also increases. However, this doesn't align with your scenario because usually, as time passes after receiving your paycheck.
Negative correlation: This suggests that as the number of days since you were paid increases, the amount left in your discretionary spending envelope decreases. This scenario is more in line with the typical spending pattern.
you would likely observe a negative correlation between the number of days that have passed since you were paid and the amount remaining in your discretionary spending envelope on the scatter plot.
complete the question
You get paid on the first day of each month. You cash your check and pay all of your essential expenses. You keep the balance in your "discretionary spending" envelope. A scatter plot shows the number of days that have passed since you were paid and the amount left in your discretionary spending envelope. The explanatory x-variable is the number of days that have passed. The response y-variable is the amount left in your envelope. Is there a positive or negative correlation? Explain.