Find the Coefficient of Variation for Each of the Two

question 103

Multiple Choice

Find the coefficient of variation for each of the two sets of data, then compare the variation. Round results to one decimal place.
-The customer service department of a phone company is experimenting with two different systems. On Monday they try the first system which is based on an automated menu system. On Tuesday they try the second system in which each caller is immediately connected with a live agent. A quality control manager selects a sample of seven calls each day. He records the time for each
Customer to have his or her question answered. The times (in minutes) are listed below.
$$\begin{array}{l}\begin{array} { l l l l l l l } \text { Automated Menu: }& 11.1 & 7.4 & 3.8 & 2.9 & 9.2 & 6.3 & 5.5\\\text { Live agent: } & 6.6 & 2.7 & 4.1 & 4.1 & 3.4 & 5.2 & 3.7\end{array}\end{array}$$

• A) Automated Menu: 24.4%
• Live agent: 47.5%
• There is substantially more variation in the times for the live agent.
• B) Automated Menu: 43.9%
• Live agent: 30.2%
• There is substantially more variation in the times for the automated menu system.
• C) Automated Menu: 47.2%
• Live agent: 32.4%
• There is substantially more variation in the times for the automated menu system.
• D) Automated Menu: 45.6%
• Live agent: 31.3%
• There is substantially more variation in the times for the automated menu system.

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Definitions:

Marginal Revenue Product

The additional revenue generated from employing one more unit of input, such as labor or capital.

Primary Labor Market

The segment of the labor market that consists of high-paying jobs with good benefits and job security, often requiring higher education or specialized skills.

Economic Rent

The excess payment for a factor of production over its opportunity cost, highlighting the benefits received from a unique advantage or situation.

Demand for Labor

the quantity of workers that employers are willing and able to hire at a given wage rate in a given time period.