The table to the right list the monthly price (in dollars) of a pound

kursval7z

kursval7z

Answered question

2021-11-27

The table to the right list the monthly price (in dollars) of a pound of coffee and a gallon of gasoline over a 6 month period. Find the popolation standard deviation of each set of data.
Find the population standard deviation of coffee prices.
Find the population standard deciation of gasoline prices.
MonthCoffee Price$lbGasoline Price$galJan.5.293.99Feb.5.413.79Mar.4.873.05Apr.4.213.03May5.433.65Jun.5.063.54

Answer & Explanation

Archie Griffin

Archie Griffin

Beginner2021-11-28Added 9 answers

Step 1
a) population standard deviation is given by
σ=(xμ)2N
where N= population size
So,
MonthCoffee Price(x)(xμ)(xμ2)Jan.5.290.2450.060025Feb.5.410.3650.133225Mar.4.870.1750.030625Apr.4.210.8350.697225May5.430.3850.148225Jun.5.060.0150.00225
Average of coffee prices,
μ=5.29+5.41+4.87+4.21+5.43+5.066=5.045
(xμ)2=1.06955
Since we know, population standard deviation is
σ=(xμ)2N=1.069556=0.4222
Step 2
b) The population standard deviation of gasoline prices
MonthCoffee Price(x)(xμ)(xμ2)Jan.3.990.4816670.232003Feb.3.790.2816670.079336Mar.3.050.458330.210069Apr.3.030.478330.228803May3.650.1416670.020069Jun.3.540.0316670.001003
Average of Gasoline price, μ=3.508333
(xμ)2=0.771283
Therefore, population standard deviation is
σ=(xμ)2N=0.7712836=0.358535
Step 3
a) 0.4222
b) 0.358535

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