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Correlation
What does the presence of correlation between two variables X and Y simply mean?
The presence of correlation between the variables X and Y simply means that when the value of one variables is found to change in one direction, the value of other variable is found to change either in the same direction (i.e. positive direction) or in the opposite direction (i.e. negative direction) but in a difinate way.
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Of the following three measures which can measure any type of relationship:
If precisely measured data are available the simple correlation coefficient is:
Why is r preferrred to co-variance as a measure of association?
Can r lie outside -1 and 1 range depending on the type of data?
Does correlation imply causation?
When is rank correlation more precise than simple correlation coefficient?
Does zero correlation mean independenc?
Can simple correlation coefficient measure any type of relationship?
Collect the price of five vegetables from your local market everyday for a week. Calculate their correlation coefficient. Interpret the result.
List some variables where accurate measurement is difficult.
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