Here, n=8 D^2=50
Rank coefficient correlation= 1-6×D^2/n (n^2-1)
1-6×50/8 (8^2-1)= 0.4047

Finding the Rank Coefficient Correlation for a Group of 8 Students

Given that the sum of squared difference in rank for maths and economics marks for a group of 8 students was found to be 50, we can find the Rank Coefficient Correlation (R) using the following formula:

R = 1 - [(6 * Σd^2) / (n * (n^2 - 1))]

Where:
Σd^2 = sum of squared differences in ranks
n = number of students

Step-by-Step Solution:

1. Calculate the squared difference in rank for each student.

2. Add up the squared differences to get Σd^2.

3. Plug in the values into the formula:

R = 1 - [(6 * 50) / (8 * (8^2 - 1))]

R = 1 - (300 / 504)

R = 1 - 0.5952

R = 0.4048

4. Therefore, the Rank Coefficient Correlation (R) for this group of 8 students is 0.4048.

Explanation:

Rank Coefficient Correlation (R) measures the strength and direction of the relationship between two variables when the data is in the form of ranks or ordinal scales. In this case, we are looking at the relationship between maths and economics marks for a group of 8 students.

The formula for Rank Coefficient Correlation (R) takes into account the sum of squared differences in rank and the number of students. The value of R ranges from -1 to +1, where -1 indicates a perfect negative correlation, +1 indicates a perfect positive correlation, and 0 indicates no correlation.

In this case, the value of R is 0.4048, which indicates a moderate positive correlation between maths and economics marks. This means that as the rank of maths marks increases, the rank of economics marks also tends to increase. However, the correlation is not strong enough to predict one variable based on the other variable with high accuracy.