a marketing researcher analyzing the fast food industry noticed the following restaurant in Cali was 3.30 with a standard deviation of .40. yet in Georgia the average amount spent at a fast food restaurant was 3.25 with a standard deviation of .10. what do these statistics tell you about fast food consumption patterns in these two states?
People in California have more money and different tastes.
To understand what these statistics tell us about fast food consumption patterns in California and Georgia, we need to compare both the average amount spent and the standard deviations.
The average amount spent in California is $3.30, while in Georgia, it is $3.25. This means that, on average, people in California spend slightly more on fast food compared to people in Georgia.
However, to gain a deeper understanding, we should also consider the standard deviations. The standard deviation measures the variability or spread of values around the average. A higher standard deviation indicates a greater variation in spending habits, while a lower standard deviation suggests more consistent spending patterns.
In California, the standard deviation is 0.40, whereas in Georgia it is only 0.10. This implies that there is more variability in fast food spending in California, with some people spending significantly more or less than the average. On the other hand, in Georgia, fast food spending is more consistent, with most people spending closer to the average amount.
Overall, these statistics suggest that while the average amount spent on fast food is slightly higher in California than in Georgia, fast food consumption patterns in California show more variability compared to Georgia. This could be due to various factors such as income levels, cultural preferences, or lifestyle differences between the two states.