Question

Consider the following sets of sample data:A: $29,900, $29,200, $26,100, $39,300, $24,200, $37,300, $34,300, $29,700, $35,100, $21,100, $38,800, $25,100, $27,200, $29,100B: 3.42, 3.53, 4.41, 3.95, 3.18, 4.85.3.13, 4.23,3.53, 4.72, 3.24Step 1 of 2: For each of the above sets of sample data, calculate the coefficient of variation, CV. Round to one decimal place.

Answer 1

Answer:

The coefficient of variance is 0.2

Step-by-step explanation:

The coefficient of variance is given as:

`\begin{gathered} CV=(\sigma)/(\mu) \\ \\ \sigma\text{ - Standard deviation} \\ \mu\text{ - Mean} \end{gathered}`

We find the mean and standard deviation first.

Part A:

Mean:

`\begin{gathered} \mu=\sum ^(14)_(i\mathop=1)(x_i)/(14) \\ \\ =(416400)/(14)=29742.9 \end{gathered}`

Standard Deviation:

`\begin{gathered} \sigma=\sqrt[]{\sum ^(14)_{i\mathop{=}1}((x_i-\mu)^2)/(14)} \\ \\ =\sqrt[]{(339562784.9)/(14)} \\ \\ =\sqrt[]{24254484.64} \\ \\ =4924.9 \end{gathered}`

Therefore, the coefficient of variance is:

`(4924.9)/(29742.9)=0.2`