ComptCce. Which do you think is more valuable in expressing the relation- cient

Question

ComptCce. Which do you think is more valuable in expressing the relation- cient of correlation? Explain relationship between calories and sugar? power emerg Center ute the coefficient of correlation. C. ship between calories and sugar- the covariance or the coeffi- bit.ly/ Based on (a) and (b), what conclusions can you reach about the who 47 Movie companies need to predict the gross receipts of indi- least d stored in PeterMGAR , are the first weekend gross, the US. I. C on Mo For t betw a. C c. B 3. vidual movies once a movie has debuted. The data, shown below and the worldwide gross (in $ millions) of the eight Harry mpute the covariance between first weekend gross and U.s. Potter movies: a. gross, first weekend gross and worldwide gross, and U.S. gross and worldwide gross. b. Compute the coefficient of correlation between first weekend gross and U.S. gross, first weekend gross and worldwide gross, and U.S. gross and worldwide gross. U.S. Worldwide First Weekend Gross Title Gross Sorcerer's Stone Chamber of Secrets Prisoner of Azkaban Goblet of Fire Order of the Phoenix Half-Blood Prince Deathly Hallows Part 1 90.295 317.558, 976.458 88.357 261.988 878.988 93.687 249.539 795.539 102.335 290.013 896.013 77.108 292.005 938.469 77.836 301.460 934.601 125.017 295.001 955.417 Deathly Hallows Part 2 169.189 381.011 1,328.111 Source: Data extracted from www.the-numbers.com/interactive/ comp-Harry-Potter.php

Explanation / Answer

Let's assign a variable (just for convenience) : First week Gross = a, US gross = b, World Wide gross = c

A) Now, respective covariance between

B) Now, respective correlation coefficient between

C) Here Correlation coefficient is a better measure and easy to interpret than covariance alone.

Since, Covariance is a measure indicating the extent to which two random variables change in tandem. Whereas Correlation is a statistical measure that indicates how strongly two variables are related.

D) All have positive correlation coefficient. The relations are summarised as

low susceptibility to changes than other two when one variable is changed

medium susceptible to changes when one variable is changed

highly susceptible to changes than other two when one variable is changed

a - b 779.0137275 a - c 3501.558968 b - c 5289.87611

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