Answered: How can the sample covariance be used…

College Algebra (MindTap Course List)

12th Edition

ISBN:9781305652231

Author:R. David Gustafson, Jeff Hughes

Publisher:R. David Gustafson, Jeff Hughes

Chapter8: Sequences, Series, And Probability

Section8.7: Probability

Problem 58E: What is meant by the sample space of an experiment?

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How can the sample covariance be used to estimate the covariance of random variables?

Definition Definition Measure of how two random variables change together. Covariance indicates the joint variability or the directional relationship between two variables. When two variables change in the same direction (i.e., if they either increase or decrease together), they have a positive covariance. When the change is in opposite directions (i.e., if one increases and the other decreases), the two variables have a a negative covariance.

Expert Solution

Step 1

The covariance is used to measure the relationship between two random variables, that is, to what extent the variables are changing together.

When both the variables tend to move in the same direction, it is known as positive covariance.

When both the variables tend to move in the opposite direction, it is known as negative covariance.

Step 2

The formula for covariance of random variables, that is, population covariance is,

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