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Introduction to Statistical Methods and Econometrics — Economics STD 12 — Question

Tamilnadu BoardEnglish MediumSTD 12EconomicsIntroduction to Statistical Methods and Econometrics5 Marks
Question
Explain the procedure for computing the correlation co – effecient for direct and deviation from actual mean method steps?
✓

Answer

Procedure for Computing the Correlation Coefficient: (For Direct and Deviation from actual mean method).
  1. Step – 1 Calculate the mean of two series ‘X’ ‘Y’
  2. Step – 2 Calculate the deviations ‘X’ and Y in two series from their respective mean.
  3. Step – 3 Square each deviations of ‘X’ and ‘ Y’ then obtain the sum of the Squared deviation
  4. Step – 4 Multiply each deviation under X with each deviation under Y and obtain the product of ‘xy’. Then obtain the sum of the product of X, Y. Then obtain the sum of the product of x, y is Σxy.
  5. Step – 5 Substitute the value in the formula.

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