What is correlation

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What is correlation

Posted by Jyoti Gupta 4 years, 4 months ago

ICSE & ISC > Class 11 > Economics

1 answers

Yogita Ingle 4 years, 4 months ago

Correlation is a statistical tool which studies the relationship between two variables e.g. change in price leads to change in quantity demanded.
Correlation studies and measures the direction and intensity of relationship among variables. It measures co-variation not causation. It does not imply cause and effect relation.

Type of Correlation
Correlation is classified into positive and negative correlation. The correlation is said to be positive when the variables move together in the same direction. e.g. sale of lce cream and temperature move in same direction.
The correlation is said to be negative when the variables move in opposite direction. e.g. When you spend more time in studying chances of your failure decline.

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ICSE & ISC > Class 11 > Economics