# ECON940 Statistics For Decision Making

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## Questions:

1.Visually present data for the unit price of the product from different brands. Calculate descriptive statistics for the prices of different brands.  Comments on the location, shape and variability of those distributions.

2.Visually present data for the unit price of the product for different styles. Calculate descriptive statistics for the unit prices of the three styles among the brands. Comments on the location, shape and variability of those distributions.

3.Visually present data for the unit prices of Zara products stores for the three different styles. Calculate descriptive statistics for the unit prices of Zara products stores for the three different styles. Comments on the location, shape and variability of those distributions.

4.A common belief is that there is a difference in product prices between women’s and men’s clothing lines. How do you test that there is a significant difference of average prices across these two gender targets? Use appropriate inferential statistical techniques.

5.Using the data collected, how do you test the claim that there is no significant difference of the average product price of the different brands? What do you find from your analysis? Use appropriate inferential statistical techniques.

6.It is commonly believed that there is a difference in product prices between Business, Sport and Casual clothes, due to differences in fabrics, manufacturing techniques and targeted customers. How do you test that there is a significant difference of average prices across the three styles? Use appropriate inferential statistical techniques.

Zara claims to keep similar prices for business, sport and casual clothes. How do you test whether there is significant difference between average prices of ZARA’s clothes of different styles? Use appropriate inferential statistical techniques.

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