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Excel file contains data for annual average unleaded gasoline prices of some petrol stations across Brisbane in 2019, 2020 and 2021.
- Use Excel to obtain the Descriptive Statistics including mean, median, standard deviation, quartiles, maximum and minimum for the petrol prices (use the whole sample). Provide these statistics (including the sample size) in a table.
Describe the statistics you have obtained comparing them when appropriate. [5 Marks]
- Provide an appropriate diagram to present the distribution of the petrol prices (use the full sample). Discuss the diagram (you may use any statistic presented in the table in part 1 as appropriate). [6 Marks]
- Do you identify any possible outlier(s) (in the petrol prices) in your data set? Use a graph to support and guide your discussion.
- If there are outliers in the data, briefly discuss the possible reason(s) for these outliers.
What impact would they have on the descriptive statistics you obtained in part 1. Above? What would be your best course of action(s) related to this (these) outlier(s) before proceeding to questions 4 and 5 below? [5 Marks]
- Suppose you are interested in analysing if the petrol prices have changed over time.
Using appropriate statistics and a graph (or graphs) show how you would conduct this analysis and present the results of your analysis. [10 Marks]
- Using summary statistics and an appropriate graph (or graphs), explain if there are differences in the petrol prices across different brands (companies which sell them).
Guidance on word limit: less than 250 words for each question.
Make sure to add a meaningful title captions to the graph(s) and to label each axis.
Your analysis should be supported with visual presentation of data and or summary statistics 4.
You may benefit from watching the optional video material from the week 2 Canvas module entitled “Graphical Communication with a purpose”
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