To gain some insights into the typical price consumers are willing to pay for a stand...

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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. Table 1 - Ungrouped Descriptive Statistics Expenditure (£) on Stand Mixers 224 6.58 224 224 Mean Standard Error Median Mode Standard Deviation Sample Variance Kurtosis Skewness Range Minimum Maximum Sum Count Coefficient of Variation 5625 -0.49 -0.32 301 68 369 29120 33.48% Required for Task 1 (Comments for task 1 should not exceed 50 words in total.) a. With reference to Table 1 above and using a calculator, calculate the standard deviation and count. Insert your values on the table b. Interpret the mean and standard deviation in the context of the scenario provided and comment on the distribution of the 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. Table 1 - Ungrouped Descriptive Statistics Expenditure (£) on Stand Mixers 224 6.58 224 224 Mean Standard Error Median Mode Standard Deviation Sample Variance Kurtosis Skewness Range Minimum Maximum Sum Count Coefficient of Variation 5625 -0.49 -0.32 301 68 369 29120 33.48% Required for Task 1 (Comments for task 1 should not exceed 50 words in total.) a. With reference to Table 1 above and using a calculator, calculate the standard deviation and count. Insert your values on the table b. Interpret the mean and standard deviation in the context of the scenario provided and comment on the distribution of the data.

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a To calculate the standard deviation we use the value provided in Table 1 which is 5625 For the co... View the full answer