The secretariat of an association of industries gathered the following data from a random sample of member firms that produce similar products:

Required:
i) Compute the Pearson’s product moment correlation coefficient for the data. (6 marks)
ii) Hence, compute the coefficient of determination. (2 marks)
iii) Comment on your answer in (ii). (2 marks)
iv) Compute Spearman’s rank correlation coefficient for the data and comment on your answer. (8 marks)