ANALYSIS An Australian manufacturing company is keen to develop new products and develop new product line of shoes so that the company can expand into Asian markets more than before. The data have bee

ANALYSIS 

An Australian manufacturing company is keen to develop new products and develop new product line of shoes so that the company can expand into Asian markets more than before. The data have been collected for 99 products from the market. The data are in an excel file named “SHOES”. The file includes: PRICE: Price of the shoes in dollars. 

GENDER: 1 for Female product and 2 for Male product. 

COUNTRY: the country in which the shoes is produced: 1 made in Thailand, 2 made in Singapore and 3 made in China. 

COST: Production cost of the shoes in dollars.      

QUESTIONS Part 1: 

1. Calculate the Mean, Median, Mode, Standard Deviation and Coefficient of Variation, for prices for men and women shoes, separately. Compare the figures and explain that what conclusions you can draw from these analyses? Draw a box and Whisker plot for men and female shoes prices and comment on the shape of the graph.    

2. Calculate the Mean, Median, Mode, Standard Deviation and Coefficient of Variation for prices for the three countries – Thailand, Singapore and China, separately. Compare the figures and explain what conclusions you can draw from these analyses? Draws a Box and Whisker plot for each country and comment on the shape of the graph.    

Part 2: Answer the following hypothesis questions: 

1. Determine if average prices for female shoes is less than average prices for male shoes. Compare the result with part 1 question 1. Does the result confirm your previous findings? (Follow the hypothesis testing steps, 0.05 level of significance, assuming “none equal variances” of populations).   

2. Determine if there is a difference in shoes prices in different countries. Compare the result with part 1 question 2. Does the result confirm you previous findings? (Follow the hypothesis testing steps, 0.05 level of significance).   

3. Using a scatter graph of price (Y variable on vertical axis) and production cost (X variable, horizontal axis), comment on the relationship between price and cost.    

4. Using regression analysis comment on the relationship between price and production cost. (comment about the estimated coefficient (b1), the coefficient of determination, model validity and residuals plot).  Does the result confirm your previous findings in question 3?