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Stats - Essay Example

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As shown in the histogram of Profits on 180 vehicles sold, there appears that the profits on vehicles sold is normally distributed, as the histogram resembles a bell-shaped curve. Most of the profits are in-between $1,200 and $2,700. The peak of the distribution is for the…
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Download file to see previous pages The median age of the buyer is 46 years and the middle half of the buyer’s age is in-between 40 years and 52.25 years (interquartile range = 12.25 years). The minimum and maximum age of the buyers are 21 years and 73 years, respectively. There are 4 mild outliers (21, 72, 72, and 73 years) in the data, as one buyer age is under 21.6 years (below the lower inner fence) and three buyers age is above 70.6 years (above the upper inner fence). There are no extreme outliers in the data.
b. As shown in the scatter diagram depicting the relationship between vehicle profits and age of the buyer, there appears a positive linear relationship between vehicle profits and age of the buyer. The profits on vehicles for younger buyers are less as compared to the profits on vehicles for older buyers. Thus, Applewood Auto Group’s marketing departments belief that younger buyers purchase vehicles on which lower profits are earned and the older buyers purchase vehicles on which higher profits are earned is correct.
d. Based on the above analysis, the Applewood Auto Group should go ahead with the advertising campaign as planned. The correlation coefficient value of 0.262 suggests that there is a weak positive linear relationship between vehicle profits and age of the buyer. The coefficient of determination value of 0.068 indicates that buyer’s age explains about 6.8% variation in vehicle profit. Thus, the buyer’s age has a small effect on vehicle profit. However, since, the sample size is very large (n = 180), this relationship is statistically significant. Therefore, the Applewood Auto Group’s marketing department should use this information as part of an upcoming advertising campaign to try to attract older buyers on which the profits tend to be higher.
As shown in figure 1, there appears an increasing trend in house prices in the UK, London and North East from 1986 until 2013. In the year 1986, the average house price in the London, North East and UK were ...Download file to see next pagesRead More
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