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in Introduction to Statistical Methods and Econometrics by (48.8k points)
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Explain the procedure for computing the correlation co – effecient for direct and deviation from actual mean method steps?

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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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