Computes a Spearmans rank correlation for these data.

Posted on 2013-10-16 16:02:00 in Statistics by COOL_ABBIE

How strong is the correlation between crude oil prices and prices of gasoline at the pump? In an effort to estimate this association, an oil company analyst gathered the data shown over a period of several months. She lets crude oil prices be represented by the market value of a barrel of West Texas intermediate crude and gasoline price be the estimated average price of regular unleaded gasoline in a certain city. She computes a Spearman’s rank correlation for these data.

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