Calculate the Spearman's Rank Correlation Coefficient for the Following Rankings

question 60

Multiple Choice

Calculate the Spearman's rank correlation coefficient for the following rankings by x and y: ​ ​

• A) 0.30
• B) 0.70
• C) 0.75
• D) 1.00

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Definitions:

Profit-Maximizing

The process of increasing the financial gain of an entity as much as possible through various strategies and decisions.

Market Price

The present rate at which a service or asset is available for purchase or sale in the market.

Perfectly Competitive

A market structure where many firms offer a homogeneous product, there are no barriers to entry or exit, and every company is a price taker.

Total Cost

The total expense of manufacturing, comprising both constant and fluctuating costs.