Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

DATA ANALYSIS: COEFFICIENT OF VARIATION OR STANDARD DEVIATION? Should I use the coefficient of variation or the standard deviation if I am interested in whether

DATA ANALYSIS: COEFFICIENT OF VARIATION OR STANDARD DEVIATION?

Should I use the coefficient of variation or the standard deviation if I am interested in whether the differences in GDP Per capita between European countries have increased or decreased? I want to know how dispersed the income is among countries in Europe.

Let's say that I find in my standard deviation that dispersion of income has increased since 2000, but when I use the coefficient of variation my values do not show an increase in in the dispersion of income since 2000, the graph shows a rather stable line.

Need to know: The mean GDP per capita has actually increased since 2000.

-Which of these methods and assessment is right? the coefficient of variation or the standard deviation?

-Why?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essentials Of Business Law

Authors: Jeffrey F Beatty, Susan S Samuelson

3rd Edition

0324537123, 9780324537123

More Books

Students also viewed these Economics questions

Question

1. To take in the necessary information,

Answered: 1 week ago