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Preview: ... er, then the variables are said to be correlated. We can therefore say that family income and family expenditure, price and demand are correlated. RELATIONSHIP BETWEEN VARIABLES Correlation can tell you something about the relationship between variables. It is used to understand: whether the relationship is positive or negative the strength of relationship. Correlation is a powerful tool that provides these vital pieces of information. In the case of family income and family expenditure, it is easy to see that they both rise or fall together in the same direction. This is called positive correlation. In case of price and demand, change occurs in the opposite direction so that increase in one is accompanied by decrease in the other. This is called negative correlation. COEFFICIENT OF CORRELATI ...
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