Table 3-6
Assume that Hilda and Carlos can switch between producing quilts and producing dresses at a constant rate.
-Refer to Table 3-6.Assume that Hilda and Carlos each has 90 hours available.Originally,each person divided their time equally between the production of quilts and dresses.Now,each person spends all their time producing the good in which they have a comparative advantage.As a result,the total output of dresses increased by
Definitions:
Spearman Rank
It's a method for assessing rank correlation without assuming any parameter, focusing on how a monotonic function might accurately describe the connection between two variables.
Ordinal Variables
Variables that represent categories with a meaningful order but without a fixed interval between categories, such as rankings or levels of satisfaction.
Pearson's Coefficient
A measure of the linear correlation between two variables, ranging from -1 to 1, where 1 means a perfect positive linear relationship and -1 a perfect negative linear relationship.
Spearman Rank
A rank correlation metric that is non-parametric and evaluates the extent to which two variables' association can be explained through a monotonic function.
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