Practice Definition (16.3.1) - Covariance and Correlation - Mathematics - iii (Differential Calculus)

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6 sample questions

Question 1.
What does a positive covariance indicate?
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Think about the behavior of the variables.
Question 2.
What is the range of the correlation coefficient?
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Consider the extremes in terms of relationships.
3Question 3.
What does a covariance of 0 indicate?
- Positive relationship
- Negative relationship
- No linear relationship
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Consider what zero implies about direction.
4Question 4.
True or False: A correlation of -1 indicates a perfect positive correlation.
- True
- False
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Recall how the scale of correlation works.
Question 5.
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.
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Use standard deviation and means in your calculations.
Question 6.
In a real-world scenario, how would you interpret a high positive correlation between temperature and ice cream sales?
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Consider the practical implications of seasonal businesses.

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