Answer:
coefficient of variation = 7.108%
Step-by-step 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 [tex]\overline x[/tex] = [tex]\dfrac{250+286+305+256+288+282+254}{7}[/tex]
The mean [tex]\overline x[/tex] = [tex]\dfrac{1921}{7}[/tex]
The mean [tex]\overline x[/tex] = 274.4285714
The standard deviation also can be computed as follows:
[tex]\sigma =\sqrt{ \dfrac{\sum (x_i-\mu)^2}{N}}[/tex]
[tex]\sigma =\sqrt{ \dfrac{ (250-274.43)^2+(286-274.43)^2+(305-274.43)^2+...+(254-274.43)^2}{7}}[/tex][tex]\sigma =19.507[/tex]
Finally; the coefficient of variation can be calculated with the formula:
coefficient of variation = [tex]\dfrac{\sigma}{\overline x}[/tex]
coefficient of variation = [tex]\dfrac{19.507}{274.43}[/tex]
coefficient of variation = 0.07108
coefficient of variation = 7.108%
