Question

Describe the data with the tools of descriptive statistics, using both numerical as well as graphical methods. In addition to reporting and commenting on the values central tendency and diagrams, please also justify the choice of method (e.g. why a particular kind of measure of central tendency was selected and the chosen graphic is appropriate to use in this context

Price	Quantity supplied
14,5	7
13,4	8
12,7	6
16,4	10
21	15
13,9	11
17,3	21
12,5	10
16,7	14
22,7	20
14,5	12
12,3	10
15,6	8
20	14
14,2	8
12,6	6
18,2	12
17,3	8
14,3	7
11	6
14,5	7
15,2	8
16,2	8
14,8	7
14,3	7
11,9	6
12	6
14,1	7
17	8
18	9

If you do calculations, use excel and post that

Answer 1

A Summary of the data is as follows

Data	Minimum	1st Quartile	Median	Mean	3rd Quartile	Maximum	SD
Price	11	13.53	14.5	15.3	16.93	22.7	2.78
Quantity Supplied	6	7	8	9.53	10.75	21	3.91

We chose median and mean as our choice of measure of central tendency because while mean is a moment measure, median is a quantile measure, so computing both will give us a look at the data considering all the effects such as outliers.

In the case of Price data median and mean are somewhat closer to each other, we can say their is not presence of outliers. But for the Quantity Supplied data, median and mean are close given the small range of data, and we suspect outlier pulling the value of mean.

Also from the standard deviation values we can say that the both the variables are have small deviation from their mean value.

A Scatterplot, Boxplot for both the data sets and a line chart for the data sets are also drawn to show the relation between them.

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The scatterplot suggest mild positive relation between the variables.

Line chart also confirm the relation between the variables are positive suggesting one is influencing the other.

The Boxplot confirms our suspicion of outlier in the quantity supplied variable(series 2).

We use scatterplot and line chart to study relation between the variables and boxplot to have a rough idea about the underlying population of the variables.

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