Sunday, April 17, 2011

How do prices of sandals vary?

Here is the list of prices ($) for sandals at payless.com:
20, 15, 25, 17, 27, 23, 10, 28

1. What is the average price of a pair of sandal?
2. How do the prices of sandals vary compared to the average price?
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1 comment:

  1. TravelersApril 17, 2011 at 8:39 PM

    1. mean= Sum/n= $ 20.625
    2. Consider this a sample
    Calculate standard deviation s= $ 6.3

    Coefficient of variation = s/mean *100 = 30.5%

    => The dispersion of prices is quite far from the mean price (by one third of the mean price).

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