A FDMAT108 student wanted to compared average unemployment rates for different s

Question

A FDMAT108 student wanted to compared average unemployment rates for different states around the country from 2004 to 2013. He calculated the average and standard deviation for each set and recorded it below.

Idaho Unemployment rate

California Unemployment rate

{4.6,3.7,3,3,4.8,7.4,8.7,8.4,7.3,6.2}

{6.2,5.4,4.9,5.4,7.2,11.3,12.4,11.8,10.4,8.9}

(Average = 5.71, Std. Deviation = 2.18)

(Average = 8.39, Std. Deviation = 2.92)

Which of the two states has the most statistically consistent unemployment rate.

(a)

California

(b)

Idaho

(c)

There was a perfect tie in consistency between the two.

(d)

There is not enough statistical information to make that decision.

Idaho Unemployment rate

California Unemployment rate

{4.6,3.7,3,3,4.8,7.4,8.7,8.4,7.3,6.2}

{6.2,5.4,4.9,5.4,7.2,11.3,12.4,11.8,10.4,8.9}

(Average = 5.71, Std. Deviation = 2.18)

(Average = 8.39, Std. Deviation = 2.92)

Explanation / Answer

Answer is b) Idaho because standard deviation of Idaho unemployment rate is smaller than that of California unemployment rate. Smaller the standard deviation most the consistency.

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