The following sample data reflect electricity bills for ten households in San Diego in March.
Compute the range,variance,and standard deviation for these sample data.Discuss which of these three measures you would prefer to use as a measure of variation.
Definitions:
Base-Rate Information
Statistical information about the frequency of events or characteristics within a given population, used in decision-making processes.
Illusory Correlation
The false perception of a relationship between two variables or events, often due to a cognitive bias or mistaken assumption.
Handsome Income
A significantly large amount of money earned, often implying higher than average.
Heuristic Bias
Cognitive shortcuts used by individuals that can lead to systematic errors or biases in judgment and decision-making.
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