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Sample question: Average and standard deviation of revenue

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The revenues collected at a web site are about to change because the sales tax rate is going up from 8% to 9%. By what percent do revenues increase? Previously, the average revenue was $76.35 and the standard deviation was $29.06. Assuming the same mix of orders at the same prices, what do you anticipate for the new average and standard deviation of revenue?

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This solution provides all the steps to the calculations for determining average and standard deviation of revenue.

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The revenues collected at a web site are about to change because the sales tax rate is going up from 8% to 9%. By what percent do revenues ...

Solution provided by:
Gaurav Agarwal, MS
Education
  • BE, Bangalore University, India
  • MS, University of Wisconsin-Madison
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