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When performing a rank correlation test, one alternative to using the Critical Values of Spearman's Rank Correlation Coefficient table to find critical values is to compute them using this approximation:
where is the t-score from the Distribution table corresponding to degrees of freedom. Use this approximation to find critical values of for the case where and .
Demand
The consumer's desire and willingness to pay for a product or service at a specific price.
Supply
The total amount of a good or service that is available for purchase at any given price point.
Equilibrium Price
The equilibrium price where the supply of goods meets the demand for those goods in the marketplace.
Equilibrium Quantity
The quantity of goods or services supplied that is equal to the quantity demanded at the market price.
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