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davids241 davids241
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7 months ago
Costco sells paperback books in their retail stores and wanted to examine the relationship between price and demand. The price of a particular novel was adjusted each week and the weekly sales were recorded in the table below.

Management would like to test if the population Spearman rank-order correlation coefficient is less than zero. Using α = 0.05, which one of the following statements is true?

▸ Because the Spearman rank-order correlation coefficient is greater than the negative critical value, we can conclude that the population Spearman rank-order correlation coefficient is less than zero.

▸ Because the Spearman rank-order correlation coefficient is greater than the negative critical value, we cannot conclude that the population Spearman rank-order correlation coefficient is less than zero.

▸ Because the Spearman rank-order correlation coefficient is less than the negative critical value, we can conclude that the population Spearman rank-order correlation coefficient is less than zero.

▸ Because the Spearman rank-order correlation coefficient is less than the negative critical value, we cannot conclude that the population Spearman rank-order correlation coefficient is less than zero.
Textbook 

Business Statistics


Edition: 2nd
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ChaldorenChaldoren
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7 months ago
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Because the Spearman rank-order correlation coefficient is less than the negative critical value, we can conclude that the population Spearman rank-order correlation coefficient is less than zero.

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I appreciate what you did here, answered it right Smiling Face with Open Mouth
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Brilliant
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this is exactly what I needed
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