I'm not sure that I've seen covariance described as an equation. (The number 0.5 is surely not an equation.) I associate the topic of covariance with probability.

Are you talking about a correlation coefficient? The size of that indicates the strength of a linear relationship between a pair of different random variables.

I just don't understand what the "quantity of x" means, with respect to covariance. If you're not well-versed in the topic, you might be garbling the terminology.

Again, somebody with more experience in probability than I may have a better response for you, later.

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