Use the Rank Correlation Coefficient to Test for a Correlation

question 73

Essay

Use the rank correlation coefficient to test for a correlation between the two variables. Ten trucks were ranked
according to their comfort levels and their prices. $$\begin{array} { | c c c | } \hline \text { Make } & \text { Comfort } & \text { Price } \\\hline \text { A } & 1 & 6 \\\text { B } & 6 & 2 \\\text { C } & 2 & 3 \\\text { D } & 8 & 1 \\\text { E } & 4 & 4 \\\text { F } & 7 & 8 \\\text { G } & 9 & 10 \\\text { H } & 10 & 9 \\\text { I } & 3 & 5 \\\text { J } & 5 & 7 \\\hline\end{array}$$ 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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A specific action or strategy employed to achieve a marketing strategy's objectives.

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A market structure where a single company is the sole provider of a product or service, facing no direct competition.