Calculate the rank correlation coefficient between price and quantity for the data in Problem 7.2. How does it compare with the ordinary correlation coefficient?

Problem 7.2

The data below show consumption of margarine (in ounces per person per week) and its real price, for the UK.

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Year Consumption Price Year Consumption Price 1970 2.86 125.6 1980 3.83 104.2 1971 3.15 132.9 1981 4.11 95.5 1972 3.52 126.0 1982 4.33 88.1 1973 3.03 119.6 1983 4.08 88.9 1974 2.60 138.8 1984 4.08 97.3 1975 2.60 141.0 1985 3.76 100.0 1976 3.06 122.3 1986 4.10 86.7 1977 3.48 132.7 1987 3.98 79.8 1978 3.54 126.7 1988 3.78 79.9 1979 3.63 115.7