The Following Data Represent the Ages (In Years) of a Sample

question 61

Short Answer

The following data represent the ages (in years) of a sample of 25 employees from a government
department: $$\begin{array} { | l | l | l | l | r | r | r | r | r | r | } \hline 31 & 43 & 56 & 23 & 49 & 42 & 33 & 61 & 44 & 28 \\\hline 48 & 38 & 44 & 35 & 40 & 64 & 52 & 42 & 47 & 39 \\\hline 53 & 27 & 36 & 35 & 20 & & & & & \\\hline\end{array}$$ Find the coefficient of variation.

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Definitions:

Voluntarism

Voluntarism is the principle that emphasizes the importance of individual will or voluntary actions in the determination of social or political outcomes.

Free Rider Problem

A situation in which some individuals benefit from resources or services without paying their fair share of the costs, leading to undersupply or overuse.

Insurance Scheme

A system or plan that provides financial protection against certain risks, such as illnesses or accidents, typically through the collection of premiums.

Adverse Selection

A situation in which one party in a transaction has more or better information than the other, often leading to imbalances and inefficiencies in markets, especially insurance.