TABLE 3-3 The Ordered Array Below Represents the Number of Vitamin Supplements

question 59

Short Answer

TABLE 3-3
The ordered array below represents the number of vitamin supplements sold by a health food store in a sample of 16 days.
19, 19, 20, 20, 22, 23, 25, 26, 27, 30, 33, 34, 35, 36, 38, 41
Note: For this sample, the sum of the values is 448, and the sum of the squared differences between each value and the mean is 812.
-Referring to Table 3-3, the variance of the number of vitamin supplements sold in this sample is ________.

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Definitions:

Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in the price of that good, expressed as a percentage change.

Bluegrass Albums

Collections or compilations of music that belong to the bluegrass genre, characterized by string instruments and roots in American folk music.

Revenues

The complete sum of funds a company acquires from selling goods or delivering services over a specific time frame.

Unit Elasticity

A scenario in which the percentage change in quantity demanded or supplied is equal to the percentage change in price, resulting in no change in total revenue.