Ungrouped and Grouped Descriptive Statistics: Stand Mixer Prices

Task 1: Ungrouped Descriptive Statistics

Task 1:

Ungrouped Descriptive Statistics To gain some insights into the typical price consumers are willing to pay for a stand mixer, a retailer of kitchen appliances randomly selected 130 relevant invoices for transactions completed in October2020. Descriptive statistics, computed to summarise the data, are presented in Table 1 below. . This table has been made available in the Excel file named “MN4063 Autumn CWK 1 Data” under the tab labelled Task 1. Table 1 – Ungrouped Descriptive StatisticsRequired for Task 1 1.With reference to Table 1 above and using a calculator, find the mean and standard deviation. Insert your values on the table and copy into your Word document. 2.Interpret the mean and standard deviation in the context of the scenario provided. NB: You should not describe calculation methods.Task 2: Grouped Descriptive Statistics It was suggested to the retailer that the 130 transaction values could also be summarised in a grouped table (see Table 2 below). Three table templates based on Table 2 have been made available in theExcel file named “MN4063 Autumn CWK 1 Data” under the tab labelled Task 2. Table 2 – Grouped Descriptive StatisticsRequired for Task 2(Comments for 1.Using the three table templates provided in the Excel data file as a starting point, construct threetables in Excel. The first table should show the frequencies and percentage frequencies. The second table should show the ‘less than’ cumulative frequencies and cumulative percentage frequencies. Complete the third table to estimate the mean and standard deviation. You need to copy the Excel output (3 tables) into your Word document.2.Compare the grouped data mean and standard deviation values to the ungrouped data mean and standard deviation calculated under task 1. Why are the values different and which findings are more accurate; the ungrouped or grouped statistics? Justify your answer.3.With reference to fig. 1 below (ogive), comment on the estimated minimum amount a consumer needs to spend on a stand mixer to belong to the top 25% in terms of expenditure