Analysis of Prices of Holden Commodore from Queensland State

Question: Discuss about the Analysis of Prices of Holden Commodore (6 cylinders) from Queensland State. Answer: Introduction I understand that you wish to purchase a 2 to 3-year-old car. Hence, I have analysed the prices of Holden Commodore (6 cylinders) from Queensland State. Primarily the data consisted of the Age of the cars, Odometers, transmission, type of seller and colour and price of the cars. Since, you wished to purchase a car of 2 to 3-year-old car hence the prices of older and newer cars have not been analysed. Prices of other cars from different states were also collected. I have analysed only sample 7. There were a total of 40 cars which were 2 to 3-year-old car. Distribution of the price range of the cars shows that the maximum number of cars are in the range of $24500 26700 (figure 1). In addition, the prices of the cars is normally distributed. The average prices of cars is $25,710 with a standard deviation of $3,962. The minimum and maximum price of the cars is $17,900 and $32,990. Hence, the car prices have a range of $15,090. Further, the analysis of the data shows that 25% of the cars which are 2 to 3-years old have a price below or equal to $22,987. Similarly, 25% of the cars have a price are more than or equal to $28,840. in addition, 50% of the cars are below $25,990. The mean prices of the cars is below the median price. Moreover, from the analysis it is found that the minimum and maximum price of a 2-year-old car is $18,500 and $32,990 respectively. The average price of a 2-year-old car is $27,636. All 2-year-old cars have an automatic transmission and are sold by a dealer. Further, the analysis shows that the minimum and maximum price of a 3-year-old car is $17,900 and $28,990 respectively. The average price of a 3-year-old car is $23,105. The minimum and maximum prices of 3-year-old cars with automatic transmission are $17,900 and $28,990 respectively. The average price of an automatic transmission 3-year-old car is $22,833. The minimum and maximum prices of 3-year-old cars with manual transmission are $21,500 and $28,790 respectively. The average price of manual transmission 3-year-old car is $25,145. Figure 1: Distribution of the price Range Table 1: Descriptive Statistics of the prices of Cars Descriptive Statistics Mean $ 25,710 Standard Deviation $ 3,962 Minimum $ 17,900 Maximum $ 32,990 Range $ 15,090 Median $ 25,990 1st Quartile $ 22,987 3rd Quartile $ 28,840 IQR $ 5,853 Skewness -0.21 Sum $10,28,410 Count 40 Cars Min Max Average 2 18500 32990 27636 Automatic 18500 32990 27636 Dealer 18500 32990 27636 No 23800 31995 27552 Yes 18500 32990 27766 3 17900 28990 23105 Automatic 17900 28990 22833 Dealer 18250 28990 23217 No 19895 26988 22830 Yes 18250 28990 23758 Private 17900 24000 21300 No 22000 24000 23000 Yes 17900 17900 17900 Manual 21500 28790 25145 Dealer 21500 28790 25145 No 21500 21500 21500 Yes 28790 28790 28790 Grand Total 17900 32990 25710.25