Fill in the Blanks for Each of the Following

question 97

Essay

Fill in the blanks for each of the following.(Blanks are indicated by numbers in parentheses. )

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Definitions:

Joint Probability

The probability of two events occurring together or at the same point in time.

E(XY)

The expected value of the product of two random variables, indicating their joint variability.

Coefficient of Correlation

A measure that indicates the extent to which two variables fluctuate together. A value closer to 1 or -1 indicates a strong relationship, while a value near 0 suggests no relationship.

X and Y

Typically used to represent independent and dependent variables in a mathematical function or data set, respectively.