Values for the monthly Consumer Price Index (CPI) over the past six months were:
127, 121, 115, 118, 123, 126
Values for the Index of Leading Economic Indicators (ILEI) over the same period are shown below:
112, 113, 118, 110, 113, 114
The standard deviation for the CPI data is 4.23. The standard deviation for the ILEI is 2.43.
a. Compute the coefficient of variation for each data set.
b. As measured by the coefficient of variation, which data set shows the greater degree of variability?