Find the Variance for the Given Sample Data $\begin{array} { l l l l l } 7 & 7 & 2 & 5 & 1\end{array}$

question 19

Multiple Choice

Find the variance for the given sample data. Round your answer to one more decimal place than the original data. $\begin{array} { l l l l l } 7 & 7 & 2 & 5 & 1\end{array}$

• A) 7.7
• B) 11.8
• C) 7.8
• D) 6.2

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Definitions:

Cognitive Bias

A cognitive bias is a systematic pattern of deviation from norm or rationality in judgment, whereby inferences about other people and situations may be drawn in an illogical fashion.

Behavioral Economics

An area of economic research that examines the psychological and social factors influencing the economic decisions of individuals and institutions.

Rational Decisions

Decisions that are made based on logical reasoning from available information, aiming to maximize the outcome or benefit.

Confirmation Bias

The tendency to search for, interpret, favor, and recall information in a way that confirms one’s preexisting beliefs or hypotheses.