Question

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

30 days in advance: 250 286 305 256 288 282 254
1 day in advance: 454 619 557 912 619 1049 562
The coefficient of variation for the prices of tickets purchased 30 days in advance is ____% (round to the three decimal places as needed)

Answer 1

coefficient of variation = 7.108%

Explanation:

From the given information:

The objective is to determine the coefficient of variation for the prices of tickets purchased 30 days in advance is ____%

The mean
`\overline x` =
`(250+286+305+256+288+282+254)/(7)`

The mean
`\overline x` =
`(1921)/(7)`

The mean
`\overline x` = 274.4285714

The standard deviation also can be computed as follows:

`\sigma =\sqrt{ (\sum (x_i-\mu)^2)/(N)}`

`\sigma =\sqrt{ ( (250-274.43)^2+(286-274.43)^2+(305-274.43)^2+...+(254-274.43)^2)/(7)}`
`\sigma =19.507`

Finally; the coefficient of variation can be calculated with the formula:

coefficient of variation =
`(\sigma)/(\overline x)`

coefficient of variation =
`(19.507)/(274.43)`

coefficient of variation = 0.07108

coefficient of variation = 7.108%