A commercial flower grower in Hazyview sells fresh-cut rosebuds to retailers in Johannesburg. The unit price per rosebud (in cents) varies according to supply and demand. The grower has recorded the unit selling price for 100 transactions over the past two months.
(a) Define the random variable and data type.
(b) Use Excel's Data > Data Analysis > Descriptive Statistics option to find the mean, standard deviation, median and skewness coefficient descriptive measures of the unit selling price of rosebuds.
(c) Compute and interpret the coefficient of variation of the unit selling price of rosebuds.
(d) Use Excel's function key QUARTILE to compute the upper and lower quartiles of the unit selling price of rosebuds.
(e) What the highest unit selling price for the cheapest 25% of transactions?
(f) What was the minimum unit selling price received for the highest priced 25% of transactions?
(g) What was the lowest unit selling price received for the highest-valued 10% of transactions?
(h) What was the highest unit selling price received for the lowest-valued 10% of transactions? (Hint: For (g) and (h) use the Excel function key PERCENTILE.)
(i) Construct the five-number summary table and draw a box plot. Interpret the profile of the unit selling price of rosebuds for the flower grower.