The data needed for this problem are contained in the data frame TC comprising two columns named X and Y respectively. You do not have to know where these data come from, but for the sake of definiteness, you can think of X as giving the temperature fluctuation around the average temperature at a given location, and Y as giving the price of a physical commodity for delivery near this location.

1. Say if the tails of the distribution of X are heavy (explain your answer) and describe which steps you would take if you were asked to fit a distribution to the data in the vector X.

NB: you do not have to actually take these steps, just describe what you would do.

2. Same question for the vector Y.

3. Compute the Pearson, Kendall and Spearman correlation coefficients between X and Y and comment on the numerical values so obtained.