Question

Listed below are costs​ (in dollars) of roundtrip flights between two cities. All flights involve one stop and a​ two-week stay. Find the coefficient of variation for each of the two sets of​ data, then compare the variation

30 days in advance: 246 247 317 263 269 275 297

1 day in advance: 455 627 554 991 627 1015 566

1. The coefficient of variation for the prices of tickets purchased 30 days in advance is __% (round to one decimal place)

2. The coefficient of variation for the prices of tickets purchased 1 day in advance is __%

3. is there a difference between the two data sets? (select one of the following)

a. the costs of tickets purchased 30 days in advance have less variation than the costs of tickets purchased 1 day in advance

b. there is no significant difference in the variation

c. the costs of tickets purchased 1 day in advance have less variation than the costs of tickets purchased 30 days in advance

Answer 1

Sol:

1. The coefficient of variation for the prices of tickets purchased 30 days in advance is __% (round to one decimal place)

for the given sample mean= 273.4286

sample standard deviation= 25.9349

CV=s/xbar=25.9349/273.4286

= 0.09485072

= 0.09485072*100

=9.485072

=9.5%

coeffcient of variation 30 days in advanc=9.5%

2. The coefficient of variation for the prices of tickets purchased 1 day in advance is __%

for the given sample mean=  690.7143

sample standard deviation=  221.0797

CV=s/xbar(221.0797/690.7143)*100

=32.0074%

32.0%

ANSWER"

coeffcient of variation 1 days in advance=32.0%

Solution-3:

coeffcient of variation 30 days in advanc=9.5%

coeffcient of variation 1 days in advance=32.0%

coeffcient of variation for 30 days is less compared to 1 day in advance

a. the costs of tickets purchased 30 days in advance have less variation than the costs of tickets purchased 1 day in advance