Answer the Following Questions Based on This Set of Numbers

question 61

Short Answer

Answer the following questions based on this set of numbers:
1               2               2               3               3               3               4               5
 
a. What is the range?
b. What is the variance?
c. What is the standard deviation?

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Definitions:

Contribution Margin

The amount of revenue remaining after subtracting variable costs, used to cover fixed costs and generate profit.

Mixed Costs

Expenses that have both a fixed and variable component, changing in total with the level of activity but also including a constant element.

Fixed Costs

Fixed costs are expenses that remain constant for a company regardless of how much it produces or sells, such as rent, salaries, and insurance premiums.

Variable Costs

Costs that fluctuate in direct proportion to the amount of production or sales figures.