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Correlation — Economics STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEconomicsCorrelation3 Marks
Question
What are assumptions taken by Karl Pearson's while developing his coefficient of correlation?
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Answer

Following assumptions are taken by Karl Pearson's while developing his coefficient of correlation:
  1. The correlation coefficient is symmetrical with respect to X and Y i.e. $^\gamma\text{XY}=\ ^\gamma\text{YX}$
  2. The correlation coefficient is independent of origin and unit of measurement i.e. $^\gamma\text{XY}=\ ^\gamma\text{UV}.$
  3. The correlation coefficient lies between -1 and 1 i.e. $-1\leq\gamma\leq+1.$

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