The standard deviation alone does not measure relative variation. For example, a standard deviation of $1 would be considered large if it is describing the variability from store to store in the price...

Extracted text: The standard deviation alone does not measure relative variation. For example, a standard deviation of $1 would be considered large if it is describing the variability from store to store in the price of an ice cube tray. On the other hand, a standard deviation of $1 would be considered small if it is describing store-to-store variability in the price of a particular brand of freezer. A quantity designed to give a relative measure of variability is the coefficient of variation. Denoted by CV, the coefficient of variation expresses the standard deviation as a percentage of the mean. It is defined by the following formula. CV = 100(s/x) Consider two samples. Sample 1 gives the actual weight (in ounces) of the contents of cans of pet food labeled as having a net weight of 8 ounces. Sample 2 gives the actual weight (in pounds) of the contents of bags of dry pet food labeled as having a net weight of 50 pounds. The weights for the two samples are as follows. 8.9 7.7 7.3 8.9 7.3 Sample 1 8.9 8.4 7.3 7.3 7.5 51.5 50.6 53.0 50.4 50.8 Sample 2 47.0 50.4 50.3 48.7 48.2 In USE SALT (a) For each of the given samples, calculate the mean and the standard deviation. (Round your standard deviations to four decimal places.) Sample 1 Mean 7.95 Standard Deviation 0.5406 Sample 2 Mean 50.0667X Standard Deviation |1.8188 (b) Calculate the coefficient of variation for each sample. (Round your answers to two decimal places.) CV 9.25 CV2 3.63 Need Help? Read It