b. Spearman’s Correlation. Identify two variables for which you could calculate a Spearman’s correlation coefficient. Describe the variables and their scale of measurement. Now, assume you conducted a correlation and came up with a significant positive or negative value. Create a mock r value (for example, .3 or -.2). Report your mock finding in APA style (note the text does not use APA style) and interpret the statistic in terms of effect size and R2 while also taking into account the third variable problem and well as direction of causality. data is not missing because this is a mock exercise you are to make up data
Two variables - Price and No. of items sold
Price - It the cost of the product and it continuous variable.It can values such as 10.25 or 8.43 so on.
No. of items sold - it is the number of items sold in the shop and it is a discrete variable and its level of measurement is ratio scale.
Correlation between the two is strongly negative. (r = - 0.95). As the price the item increases, the number of items sold decreases.
Based on the results of the study, price is strongly negatively related to the number of items sold r = 0.85, p <0.05
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