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, $

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.

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Maris 3 years 2021-08-20T00:58:13+00:00 1 Answers 0 views 0

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  1. nguyetanh
    0
    2021-08-20T01:00:09+00:00
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    Answer:

    CV=0.2 —- dataset 1

    CV = 7.2 — dataset 2

    Step-by-step explanation:

    Given

    A: 30500, 27500, 31200, 24000, 27100,28600, 39100, 36900, 35000, 21400, 37900, 27900, 18700,33100

    B: 4.29, 4.88, 4.34, 4.17, 4.52, 4.80, 3.28, 3.79, 4.84, 4.77, 3.11

    Required

    The coefficient of variation of each

    Dataset A

    Calculate the mean

    \mu = \frac{\sum x}{n}

    \mu = \frac{30500+ 27500+31200+24000+ 27100+28600+ 39100+ 36900+ 35000+ 21400+ 37900+ 27900+ 18700+33100}{14}\mu = \frac{418900}{14}

    \mu = 29921.43

    Next, calculate the standard deviation using:

    \sigma = \sqrt{\frac{\sum(x - \mu)^2}{n}}

    So, we have:

    \sigma= \sqrt{\frac{(30500 - 29921.43)^2 +.................+ (18700- 29921.43)^2 + (33100- 29921.43)^2}{13}}

    \sigma= \sqrt{\frac{487723571.42857}{14}}

    \sigma= \sqrt{34837397.959184}

    \sigma= 5902.32

    So, the coefficient of variation is:

    CV=\frac{\sigma}{\mu}

    CV=\frac{5902.32}{29921.43}

    CV=0.2 — approximated

    Dataset B

    Calculate the mean

    \mu = \frac{\sum x}{n}

    \mu = \frac{4.29+ 4.88+ 4.34+ 4.17+ 4.52+ 4.80+ 3.28+ 3.79+ 4.84+ 4.77+ 3.11}{11}

    \mu = \frac{46.79}{11}

    \mu = 4.25

    Next, calculate the standard deviation using:

    \sigma = \sqrt{\frac{\sum(x - \mu)^2}{n}}

    \sigma = \sqrt{\frac{(4.29 - 4.25)^2 + (4.88- 4.25)^2 +.........+ (3.11- 4.25)^2}{11}}

    \sigma = \sqrt{\frac{3.859}{11}}

    \sigma = \sqrt{0.35081818181}

    \sigma = 0.593

    So, the coefficient of variation is:

    CV=\frac{\sigma}{\mu}

    CV = \frac{4.25}{0.5903}

    CV = 7.2 — approximated

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