Covariance and correlation between two variables are reported in the same units. True False
Covariance and correlation between two variables are reported in the same units.
| True |
| False |
Homework Answers
False.
- Covariance of any two variables measures how they change together and hence its unit is given as the product of the units of the two variables or the units in which the data is measured.
- While correlation refers to the mutual relationship between any two variables and hence it is known as measure of dependence.
- It is unit free as it does not have any unit specifying the relationship between the two variables.
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