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

question 66

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 coefficient of variation of the number of vitamin supplements sold in this sample is ________ percent.

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Definitions:

Market Failure

A situation in which the allocation of goods and services by a free market is not efficient, often justifying government intervention.

Monopoly

A monopoly exists when a single entity exclusively controls the supply of a particular good or service, often limiting competition.

Externalities

Economic side effects or consequences of commercial activities that affect other parties without being reflected in costs.

Price Mechanism

The process through which prices rise and fall as a result of changes in supply and demand, determining the allocation of resources in a market economy.