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    Variables in a Data Set: Unleaded Regular Gas Prices

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    Select a variable and from a data base and create a data set of at least 20 values. For example, if the database contained information on weather, you might have a data set of the average temperature in Portland for 20 months. Again, the more relevant it is to your area of interest, the better.

    At first glance, what patterns do you see?
    What level of measurement is used?
    Create a frequency distribution.
    Using Excel, graphically display that distribution with appropriate title and labels.
    Calculate the appropriate measure of central tendency.
    Create a short description or PowerPoint slide (using notes, if necessary) of your findings

    Data obtained from: http://www.census.gov/compendia/statab/cats/prices/fuel_prices.html.

    © BrainMass Inc. brainmass.com October 2, 2022, 6:51 am ad1c9bdddf
    https://brainmass.com/statistics/central-tendency/variables-data-set-unleaded-regular-gas-prices-520479

    SOLUTION This solution is FREE courtesy of BrainMass!

    See two attached excel spreadsheets. The first file is the requested analysis, the second file is the raw data downloaded from the government site.

    A) From this chart, at first glance, we can see that the general trand of unleaded regular gasoline prices over time is upward with a bit of a downturn in the last few years of data (see chart above).

    B) The level of measurement used is US Dollars per gallon of unleaded regular gasoline.

    D)
    Use mean as a measure of central tendency:
    Mean = $1.569

    E)
    Findings:
    Over the last 25 years, unleaded regular gas prices have steadily increased, with the exception of the last few years of data where gas dropped slightly in 2009 with a slight rebound in 2010.
    Our data was the last 25 years of average annual prices for a gallon of unleaded regular gasoline in the United States.
    By assigning the historical data into buckets of $0.50 intervals, it is evident that most of the data points lie between $1.00 and $1.50, with the rest of the remaining buckets between $.50 and $3.50 about even.
    The mean price of unleaded regular gasoline over the last 25 years has been about $1.57/gallon.

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    © BrainMass Inc. brainmass.com October 2, 2022, 6:51 am ad1c9bdddf>
    https://brainmass.com/statistics/central-tendency/variables-data-set-unleaded-regular-gas-prices-520479

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