QNT 561 Inferential Statistics

Descriptive Statistics

Price currently paid per packet of tomato seeds

See the histogram in Appendix A, and descriptive statistics in Appendix B.

Price to be paid per packet of tomato seeds

Distribution is skewed distribution

See the histogram in Appendix A, and descriptive statistics in Appendix B. A scatter plot is in Appendix C.

Descriptive Statistics Interpretation

Interpretation

Price currently paid per packet of 30 tomato seeds. Three hundred eighty-five farmers were randomly selected. The price they currently pay for tomato seeds was observed between $2.86 and $4.35 because of import and genetic modification costs. The average price was $3.61, with a variation of plus or minus $0.43. One half or more paid more than $3.61. There is 95% confidence that the population price currently paid per tomato seed packet average is between $3.57 and $3.65. The most common price paid per packet is $3.68

Potential price to be paid per packet of 30 tomato seeds. Three hundred eighty-five farmers were randomly selected. The price they could be paying was between $1.36 and $2.85 per packet of 30 tomato seeds (dependent upon quantity purchased and shipping costs), with a variation of plus or minus $1.08. One half or more subjects would pay $2.15 or older. The middle half of the subjects’ price to be paid fell between $1.76 and $2.56. The most frequent price would be $2.57.

Appendix A

Current price and potential price to be paid histograms

Appendix B

Descriptive Statistics Current Price and Potential Price

Appendix C

Scatterplot current price versus potential price