Calculate the spearman’s rank correlation coefficient

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Reference no: EM131404576

Eight companies dominate a particular industry. The annual revenue and annual gross profit for these companies are as follows:

(a) Rank the revenues and profits of these companies and use your results to calculate the Spearman's rank correlation coefficient.

(b) What does the value of the coefficient suggest about the association between revenue and profit?

Reference no: EM131404576

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