(a)
Determine the variance.
(a)
Explanation of Solution
Table–1 shows the sample as follows:
Table-1 | |
People | Sample |
1 | 17 |
2 | 29 |
3 | 12 |
4 | 16 |
5 | 11 |
Thus, the value of mean is 17.
Variance can be calculated as follows:
Thus, the value of variance for sample is 51.5.
(b)
Determine the variance.
(b)
Explanation of Solution
Table–2 shows the sample as follows:
Table-2 | |
People | Sample |
1 | 22 |
2 | 18 |
3 | 23 |
4 | 20 |
5 | 17 |
Thus, the value of mean is 20.
Variance can be calculated as follows:
Thus, the value of variance for sample is 6.5.
(c)
Determine the variance.
(c)
Explanation of Solution
Table–3 shows the sample as follows:
Table-3 | |
People | Sample |
1 | 24 |
2 | 37 |
3 | 6 |
4 | 39 |
5 | 29 |
Thus, the value of mean is 27.
Variance can be calculated as follows:
Thus, the value of variance for sample is 174.5.
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Chapter 4 Solutions
Statistics for Management and Economics (Book Only)
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- Principles of Economics 2eEconomicsISBN:9781947172364Author:Steven A. Greenlaw; David ShapiroPublisher:OpenStax