Solve the Problem $$\text { coefficient of variation } = 100 ( \mathrm {~s} / \overline { \mathrm { x } } )$$

question 83

Multiple Choice

Solve the problem.
-The coefficient of variation, expressed as a percent, is used to describe the standard deviation relative to the mean. It allows us to compare variability of data sets with different measurement units and is calculated as follows: $$\text { coefficient of variation } = 100 ( \mathrm {~s} / \overline { \mathrm { x } } )$$
Find the coefficient of variation for the following sample of weights (in pounds) :
$\begin{array} { l l l l l } 139 & 136 & 186 & 105 & 197 \\ 133 & 172 & 152 & 116 & 125 \end{array}$

• A) \(22.7 \%\)
• B) \(18.2 \%\)
• C) \(25.4 \%\)
• D) \(20.7 \%\)

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Definitions:

Incidence of a Tax

The incidence of a tax refers to the distribution of the tax's economic burden among different stakeholders, such as consumers and producers.

Elasticity

A measure of how much the quantity demanded or supplied of a good responds to a change in price.

Price Ceiling

A legally imposed maximum price on goods or services, intended to keep prices affordable for consumers.

Shortage/Surplus

A surplus is the opposite of a shortage, occurring when the supply of a product or service exceeds its demand in a market.