Instruction 3-4 The Ordered Array Below Represents the Number of Cargo Manifests

question 69

Short Answer

Instruction 3-4
The ordered array below represents the number of cargo manifests approved by customs inspectors at the Port
of Brisbane in a sample of 35 days.
16,17,18,18,19,20,20,21,21,21,22,22,22,22,23,23,23,23,24,24,24,25,25,26,26,26,27,28,28,29,29,31,31,32,32
Note: For this sample,the sum of the observations is 838,the sum of the squares of the observations is 20,684,
and the sum of the squared differences between each observation and the mean is 619.89.
-Referring to Instruction 3-4,the coefficient of variation of the customs data is ________ percent.

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Definitions:

Marginal Cost

The increase in total cost that arises from an increase in production by one additional unit.

Average Variable Cost

The total variable cost of production divided by the quantity of output produced, representing the average cost of each unit of output when only variable costs are considered.

Cost-Minimizing Firm

A business entity that seeks to achieve production at the lowest possible cost.

Production Function

A mathematical representation that identifies the relationship between input resources and the output of goods or services for a business or economy.