The modulus of a vector is calculated using the formula √(v · v), while for a rank 2 tensor, the modulus can be expressed as √(T : T). The Euclidean norm is relevant for vectors as it relates to physical concepts, but the notion of magnitude for tensors lacks a universally accepted interpretation. Common norms for tensors include the trace, which only counts diagonal elements, and the Euclidean norm based on those elements. Overall, the discussion highlights the complexities and variations in defining tensor magnitudes compared to vectors.