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08-04-2024
Business

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A company has drilled three wells to date in a new area. Following are the data for estimated ultimate recovery (EUR) and initial rate (qi). Assume these three wells are the entire population.

qi, bopd EUR Mbbl
492 412
153 236
279 247

The company is curious to know if EUR correlates with QI. Calculate the following bivariate statistics: covariance, correlation coefficient, and r².

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