Question

Problem from statistic

The table below shows average values and the variances of heating oil prices in two countries.

Country	Mean price	Variance
Germany UK	65.45 (euro/100 l) 15.6 (£/100 l)	0.30 (euro/100 l)2 0.024 (£/100 l)2

1. Why is the variance not an appropriate measure to compare the dispersion of prices between Germany and the UK?

2.Calculate an appropriate measure of dispersion to compare the dispersion of prices. Which country shows a higher dispersion?

Please use Cumulative Areas of the Standard Normal Distribution

Answer 1