The Weights (In Pounds)of a Sample of 36 Individuals Were

question 25

Multiple Choice

The weights (in pounds) of a sample of 36 individuals were recorded and the following statistics were calculated.

The coefficient of variation equals

• A)0.1125%
• B)11.25%
• C)203.12%
• D)0.20312%

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Definitions:

Midpoint Formula

A method for calculating the percentage change in a variable by dividing the change by the average of the initial and final values, often used in economics to measure elasticity.

Labor Supply

The total hours that workers are willing and able to work at a given wage rate, in a given time period.

Elastic

In economics, elastic refers to how the quantity demanded or supplied of a good responds to changes in its price; high elasticity indicates sensitivity to price changes.

Cross-price Elasticity

Cross-price Elasticity measures the responsiveness of the demand for one good to a change in the price of another good.