The Insurance Institute for Highway Safety (www.iihs.org, June 11, 2009) published data on repair costs for cars
Question:
a. Compute the values of the variance and standard deviation. The standard deviation is fairly large. What does this tell you about the repair costs?
b. The Insurance Institute for Highway Safety (referenced in the previous exercise) also gave bumper repair costs in a study of six models of minivans (December 30, 2007). Write a few sentences describing how mini- and micro-cars and minivans differ with respect to typical bumper repair cost and bumper repair cost variability.
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Related Book For
Statistics The Exploration & Analysis Of Data
ISBN: 9780840058010
7th Edition
Authors: Roxy Peck, Jay L. Devore
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