1) What is the variance-measures how different scores are from each other
S=(SQUARE ROOT) E(X-X)2
Please see the attached file.
Case 16-1 Ingrid's Hallmark Shop II
Ingrid's Hallmark Shop is a retail store specializing in "social expression" products, such as greeting cards, stationery, albums, and party goods. The social expression industry is noted for its seasonal volatility- an average December day out selling an average August day by 10 to 1.
Christmas merchandise must be ordered many months in advance. It is impossible to reorder most items once the selling season begins. Consider Ingrid's decision regarding how many angel ornaments to order. She believes that there is equally likely demand for any quantity between 16 and 25 items, inclusive. Her cost (including freight) is $5.50, and the ornaments retail for $10. Unsold angels will be disposed of during the half-off sale after Christmas.
Everyday merchandise ...
This explains variance and standard deviation and provides applications of statistics in psychology. The solution is provided within an attached Word document.