Find the Critical Value Find the Rank Correlation Coefficient and Test the Claim of and That

question 50

Essay

Find the critical value. Assume that the test is two-tailed and that n denotes the number of pairs of data.
-Ten luxury cars were ranked according to their comfort levels and their prices. $$\begin{array} { c c c } \hline \text { Make } & \text { Comfort } & \text { Price } \\\hline \text { A } & 5 & 1 \\\text { B } & 8 & 7 \\\text { C } & 9 & 3 \\\text { D } & 10 & 5 \\\text { E } & 4 & 4 \\\text { F } & 3 & 2 \\\text { G } & 2 & 10 \\\text { H } & 1 & 9 \\\text { I } & 7 & 6 \\\mathbf { J } & 6 & 8 \\\hline\end{array}$$ Find the rank correlation coefficient and test the claim of correlation between comfort and price. Use a
significance level of 0.05.

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Definitions:

Error

A mistake or discrepancy from accuracy or correctness in reasoning, action, or calculation.

Judgment

The skill to arrive at well-thought-out decisions or logical conclusions.

Conflict

A situation or issue characterized by disagreement, opposition, or clash between two or more parties.

Risk Averse

Characteristic of individuals or entities that prefer to avoid risks and opt for safer options when making decisions.