Statistic Question:
I want to first start out by thanking you for your help and I also want to inform you that I do not have a strong Math back ground and is taking an Accelerated program that included this class of which I do not understand a word of so I really need help with this. I have ask an statistic question before but when I got the answer back I still did not understand because I know absolutely nothing about stats. Thank You
For many years the top selling luxury car in North America was he Cadillac. It reigned from 1950 to 1998. In 2000 it sank to sixth, behind Lexus, BMW, and Mercedes. Cadillac’s sales during 2000 were half those of 1978, Cadillac’s peak year. The problem is that Cadillac appears to appeal mainly o older males. Younger people seeking luxury cars shop elsewhere. Although Cadillac made $700 million in 2000, if the company doesn’t pick up sales among younger shoppers, profits will go the way of fins. To put Cadillac back on top, it is necessary to understand who is buying. A survey luxury car buyer was undertaken. The following information was gathered from random samples of recent buyers of luxury cars.
Column Luxury cars
1 BMW
2 Cadillac
3 Lexus
4 Lincoln
5 Mercedes –Benz
In the data set columns 1 to 5 contain the ages of the owners of the luxury cars, columns 6to 10 show their house hold incomes. And, their years of education.
Use statistic to describe the ages, household incomes, and education groups of car buyers.
Use box plots to compare the ages, house hold income, and education of the five groups of car buyers.
Write a brief report describing your findings
You say its rank dropped to sixth, but only name three brands above.
In addition, you do not provide the needed data.
To describe the ages, household incomes, and education groups of car buyers, you will need to analyze the data set provided. The data set contains information about luxury car buyers, including their ages, household incomes, and years of education.
To start, you can calculate the measures of central tendency (mean, median, and mode) for each variable to get an overall understanding of the data. The mean represents the average value, the median represents the middle value, and the mode represents the most frequently occurring value.
For the ages of the car buyers, calculate the mean, median, and mode. The mean will give you the average age of luxury car buyers, the median will give you the middle age value, and the mode will show you the age that appears most frequently among the buyers.
Next, analyze the household incomes of car buyers. Calculate the mean, median, and mode to understand the distribution of income levels among luxury car buyers.
Lastly, analyze the education groups of car buyers. Calculate the mean, median, and mode to get an overview of the education levels of luxury car buyers.
To compare the ages, household incomes, and education of the five groups of car buyers, you can create box plots. Box plots provide a visual representation of the distribution of data and show measures such as the median, quartiles, and outliers.
To create a box plot, you will need to determine the minimum, maximum, median, and quartiles for each variable (ages, household incomes, and education groups) for each of the five luxury car buyer groups (BMW, Cadillac, Lexus, Lincoln, and Mercedes-Benz).
Once you have calculated these values for each group, you can plot them on a box plot diagram. This will allow you to compare the ages, household incomes, and education groups of the different luxury car buyer groups and identify any differences or trends.
In your brief report, you should summarize your findings from the statistical analysis and box plots. This could include insights such as the average age of luxury car buyers, the distribution of household incomes among the different car buyer groups, and any trends or patterns in the education levels of luxury car buyers.
Additionally, you can provide recommendations based on your findings. For example, if you observe that Cadillac's appeal is mainly to older males, you may suggest targeting younger demographics in marketing campaigns or introducing new features to attract younger luxury car buyers.
Remember to present your findings in a clear and concise manner, using appropriate visualizations and statistics to support your conclusions.