50.1K

Verified Solution

Link Copied!

The standard deviation alone does not measure relativevariation. For example, a standard deviation of $1 would beconsidered large if it is describing the variability from store tostore in the price of an ice cube tray. On the other hand, astandard deviation of $1 would be considered small if it isdescribing store-to-store variability in the price of a particularbrand of freezer. A quantity designed to give a relative measure ofvariability is the coefficient of variation. Denoted by CV, thecoefficient of variation expresses the standard deviation as apercentage of the mean. It is defined by the formula CV =100(s/ x ). Consider two samples. Sample 1 givesthe actual weight (in ounces) of the contents of cans of pet foodlabeled as having a net weight of 8 oz. Sample 2 gives the actualweight (in pounds) of the contents of bags of dry pet food labeledas having a net weight of 50 lb. There are weights for the twosamples.

Sample 1	8.2	7.3	7.4	8.6	7.4
	8.2	8.6	7.5	7.5	7.1
Sample 2	51.8	51.2	51.9	51.6	52.7
	47	50.4	50.3	48.7	48.2

(a) For each of the given samples, calculate the mean and thestandard deviation. (Round all intermediate calculations andanswers to five decimal places.)

For sample 1
Mean
Standard deviation

For sample 2
Mean
Standard deviation

(b) Compute the coefficient of variation for each sample. (Roundall answers to two decimal places.)

CV1
CV2