The Following Paired Observations Were Obtained on Two Variables X

question 63

Essay

The following paired observations were obtained on two variables x and y:
a. Calculate Spearman's rank correlation coefficient
b. Do the data present sufficient evidence to indicate a correlation between x and y? Justify your response. Test using = 0.05.

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Definitions:

Machinery

Equipment and devices that perform specific tasks in industries, contributing to production processes.

Economic Profit

The difference between total revenue and total costs, including both explicit and implicit costs, representing the financial gain in conducting business activities.

Rate of Return

The increase or decrease in the value of an investment over a set time frame, shown as a percent of the investment's original price.

Assets

Economic resources owned or controlled by an individual, corporation, or country that are expected to provide future benefits, including cash, real estate, and intellectual property.