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Why the value of correlation coefficient is always between -1 and 1?
A serious error. The maximum magnitude for a correlation coefficient is 1.The Correlation coefficient is lies between -1 to 1 if it is 0 mean there is no correlation between them. Here they are given less than -1 value so it is not a value of correlation coefficient.
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1.
Yes it is. If all the observations have the same non-zero value then the coefficient of variation will be zero.