Question

Consider the following sets of sample data: A: $29,400, $30,900, $21,000, $33,200, $21,300, $24,600, $29,500, $22,500, $35,200, $20,800, $39,800, $22,300, $35,700, $25,100 B: 4.53, 4.17, 4.48, 3.73, 3.83, 2.91, 2.99, 4.67, 4.21, 4.68, 3.38 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

Answer:

CV for A = 21.8%

CV for B = 15.5%

Step-by-step explanation:

The formula for coefficient of variation is:

CV = Standard Deviation / Mean

So,

For A:

Mean = Sum/No. of items

= 391300/14

=$27950

and

SD = $6085.31

CV for A = 6085.31/27950 * 100

=21.77%

Rounding off to one decimal

CV for A = 21.8%

For B:

Mean = Sum/No. of items

= 43.58/11

=3.96

and

SD = 0.615

CV for B = 0.615/3.96 * 100

=15.53%

=15.5% ..