(i. If two sets of data are in different units, we can compare the dispersion by using coefficient of variation. (ii) A sample of the homes currently offered for sale revealed that the mean asking price is $75,900, the median $70,100 and the modal price is $67,200. The standard deviation of the distribution is $5,900. The Pearson's coefficient of skewness is 2.95
(iii) The coefficient of skewness is a measure of relative dispersion.
A) (i), (ii) and (iii) are all correct statements
B) (i) and (ii) are correct statements but not (iii).
C) (i) and (iii) are correct statements but not (ii).
D) (ii) and (iii) are correct statements, but not (i).
E) (i), (ii) and (iii) are all false statements.

Question

Quizplus · Accepted Answer

(i) The coefficient of variation is indeed used to compare the dispersion of two datasets that are in different units, making it a correct statement. (ii) Without the actual calculation provided or the formula used, we cannot verify the correctness of the Pearson's coefficient of skewness value, but the concept of using mean, median, mode, and standard deviation to calculate a measure of skewness is valid. However, the statement as given does not provide enough information to deem it correct without the calculation. (iii) The coefficient of skewness is a measure of asymmetry or skewness in the distribution of data, not relative dispersion. Relative dispersion is typically measured by the coefficient of variation or similar statistics.

(I If Two Sets of Data Are in Different Units