16.3.1 - Definition
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Practice Questions
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What does a positive covariance indicate?
💡 Hint: Think about the behavior of the variables.
What is the range of the correlation coefficient?
💡 Hint: Consider the extremes in terms of relationships.
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Interactive Quizzes
Quick quizzes to reinforce your learning
What does a covariance of 0 indicate?
💡 Hint: Consider what zero implies about direction.
True or False: A correlation of -1 indicates a perfect positive correlation.
💡 Hint: Recall how the scale of correlation works.
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Challenge Problems
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Given two random variables, X = {5, 10, 15} and Y = {1, 2, 3}, compute both the covariance and correlation and assess the strength of their relationship.
💡 Hint: Use standard deviation and means in your calculations.
In a real-world scenario, how would you interpret a high positive correlation between temperature and ice cream sales?
💡 Hint: Consider the practical implications of seasonal businesses.
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