Question: Consider two random variables X and Y . Here, we define the covariance between X and Y, written Cov(X,Y) . The covariance gives some information

Consider two random variables X and Y. Here, we define the covariance between X and Y, written Cov(X,Y). The covariance gives some information about how X and Y are statistically related. Let us provide the definition, then discuss the properties and applications of covariance.

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