Question

Consider the following sets of sample data: A: $30,500, $27,500, $31,200, $24,000, $27,100, $28,600, $39,100, $36,900, $35,000, $21,400, $37,900, $27,900, $18,700, $33,100 B: 4.29, 4.88, 4.34, 4.17, 4.52, 4.80, 3.28, 3.79, 4.84, 4.77, 3.11 Step 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

To calculate the coefficient of variation (CV), divide the standard deviation by the mean and multiply by 100. The CV for set A is approximately 20.63%, and the CV for set B is approximately 14.40%.

Step-by-step explanation:

To calculate the coefficient of variation (CV) for a set of data, you need to divide the standard deviation by the mean and then multiply by 100.

For set A:

Mean = $29,957.14

Standard Deviation = $6,188.29

CV = (6188.29 / 29957.14) * 100

CV ≈ 20.63%

For set B:

Mean = 4.31

Standard Deviation = 0.62

CV = (0.62 / 4.31) * 100

CV ≈ 14.40%