Discussion:
Q1. The rates of growth of Bardeen Chemicals for the past five years are 5.2 percent, 8.7 percent, 3.9 percent, 6.8 percent, and 19.5 percent.
What is the arithmetic mean annual growth rate?
What is the geometric mean annual growth rate?
Should the arithmetic mean or geometric mean be used to represent the average annual growth rate? Why?
Q2. A nationwide poll of adults asked if they favor gun control, oppose it, or have no opinion, as well as their preferred political party. The results are reported in the following table.
Party Affiliation Favor Oppose No Opinion Total
Democrat 88 96 36 220
Republican 64 96 20 180
Total 152 192 56 400
Analyze the information in the table. Who is more likely to favor gun control?