The mean price greater than the median price indicate that most of the prices of compact cars are scattered around smaller values than the mean. A positive skewness of 1.05 also confirms the fact that the distribution is rightly skewed with frequent small values and few extreme values. The sample standard deviation of 5.87 which is quite large shows that on average the compact car prices are $5,870 greater or lesser than the mean price of $15,690. This can be attributed to the fact that most of the compact cars are produced with different qualities and specifications. Furthermore, the brand appeal of different cars is also reinforced in the notion of a large standard deviation in compact cars. Finally, we can be 95% confident that the population mean price of the compact cars ranges from $12,560 to $18,820.
Small cars have a mean price of $8,430 with a median price of $8,200. The distribution is rightly skewed with a positive skewness of 1.60 which implies that most of the small-sized cars are cheaply priced whereas few of them are expensive. The sample standard deviation of 1.49 shows that on average the compact car prices are $1,490 greater or lesser than the mean price of $8,430. We can infer from this standard deviation that consumers do not differentiate in large when they buy small cars therefore the brand image does not matter as much as it matters in other categories of vehicles. Finally, we can be 95% confident that the population mean price of the small cars ranges from $7,750 to $9,110.
Midsize cars have a mean price of $24,110 with a median price of $23,050. The mean price greater than median price indicates that most of the prices of compact cars are dispersed around smaller values than the mean which can also be confirmed by the fact that the distribution has a positive skewness of 0.69. The sample standard deviation of 10.15 which is extremely large implies that on average the midsize car prices ...
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