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MN4063: To gain some insights into the typical price consumers are willing to pay for a stand mixer, a retailer of kitchen appliances: Understanding and Managing Data Coursework, LUM, UK
|University||London Metropolitan University (LMU)|
|Subject||MN4063: Understanding and Managing Data|
To gain some insights into the typical price consumers are willing to pay for a stand mixer, a retailer of kitchen appliances randomly selected a number of relevant invoices for transactions completed in October 2021. Descriptive statistics, computed to summarise the data, are presented in Table 1 below. NB: Some values are missing.
a. With reference to Table 1 above and using a calculator, calculate the standard deviation and count. Insert your values on the table and copy them into your Word document.
b. Interpret the mean and standard deviation in the context of the scenario provided and comment on the distribution of the data.
It was suggested to the retailer that the number of selected transaction values could also be summarised in a grouped table. Three table templates based on Table 2 have been made available.
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