If X and Y are independent random variables, then what is the covariance between them?Review LaterCov(X,Y) = 1Cov(X,Y) = 0Cov(X,Y) = -1It cannot be determined without additional information.

Recall from the previous quiz the random variables X and Y with joint probability distributionY=0 Y = 1X = 0 0.4 0.1X = 1 0.3 0.2The covariance between X and Y is

Cov(X, Y ) = E[XY ] − E[X]E[Y ]

When cov(X,Y) = 0, what does it indicate? X and Y tend to move in same direction. X and Y are independent. X and Y tend to move in opposite directions. None of the above

Let X and Y be two random variables with covariance Cov(X,Y) = 3 and variances Var(X) = 4 and Var(Y) = 9. What is the correlation coefficient between X and Y?Review Later1/31/21/41/5

The covariance between two random variables is -551351. What can be said about their relationship?Group of answer choicesThe variables must be independent of one another.The two variables have a very weak negative relationship.The two variables have a very strong negative relationship.The line of best fit between the two variables would be downward sloping.