👉 Covariance is a measure of how two or more variables change together. It's like measuring how much one variable changes based on how another variable changes. For example, if you have two different types of apples and their prices are inversely proportional to each other (meaning they go up in price when the price of one goes down), then you can calculate the covariance between the prices of apples. Covariance is a useful tool for understanding how much two variables change together over time or space.
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What is the definition of Covariance? 🙋
👉 Covariance is a measure of how two variables change together. It represents the degree to which one variable's value changes in relation to another, and it is often used in statistics to analyze relationships between different types of variables such as income, education levels, or health conditions.
What is the definition of Covariation? 🙋
👉 Covariance refers to a measure of how two or more variables change together. It is used in statistics and econometrics, particularly when analyzing data from multiple observations across different time periods. The covariance between two variables A and B represents the percentage by which one variable changes in relation to the other. For example, if A and B are both height measurements for a group of people (A = 160 cm, B = 170 cm), then their covariance would be calculated as
