Question 3

Assume KIBT is a marketing research agency and they decided to employee best-performing students from Kent Institute for a large scale data collection exercise. Accordingly, a group of five students were selected and they were paid different hourly rates as bellow based on their previous experience on data collection. The number of working hours were allocated based on their availability to work.

Answer the following questions

a) How much KIBT has paid, averagely per hour (weighted mean) on this data collection process?

b) Calculate the difference between weighted mean and arithmetic mean of hourly payments for a student.

c) Who has been paid the median amount of hourly payment?

d) What is the Co-efficient of Variance (CV) of hourly payment of this group of students if the variance of the data set is $16?