Question

What type of automobile model is the most desirable to the people in the sample ? What type is the least desirable ?

Please answer the question taking below table as sample number for a 1000 people.

Descriptive Statistics Descriptive Statistics, table, 1 levels of column headers and 1 levels of row headers, table with 6 columns and 8 rows
	N	Minimum	Maximum	Mean	Std. Deviation
Desirability: 1 Seat Motorcycle Electric	1000	1	7	2.64	1.231
Desirability: 2 Seat Runabout Sport Electric	1000	1	7	3.92	1.537
Desirability: 2 Seat Runabout Hatchback Gasoline Hybrid	1000	1	7	3.96	1.911
Desirability: 4 Seat Economy Diesel Hybrid	1000	1	7	3.46	1.768
Desirability: 5 Seat Economy Gasoline	1000	1	7	3.21	1.453
Valid N (listwise)	1000

Answer 1

  Let us understand the concept of ‘mean’ and ‘Standard deviation’ in statistics so that we can justify as to which automobile model is most desired by the people.

In Statistics, mean stands for the central point of the data. In other words, it is that point in the data which forms the average of the total number of data. Mean can also be simply explained as the average of the data available. The Standard deviation is related to the mean. It shows how much deviation tendency does the various point of the data have from the mean. i.e. a lower standard deviation would imply that the various point in the data are nearby the average, whereby a higher standard deviation would imply that the various points in the data are far apart from the average.

If we apply the above definition to the Statistical Data provided to us, we can see that, all other variable such as ‘N”, the minimum and maximum of the levels being the same, the mean for ‘Desirability:2 Seat Runabout Hatchback Gasoline Hybrid’ is highest. This means that the average of the total number of purchases of this automobile product is the highest. This product also has the highest Standard deviation, which means that the data in the mean are far spread out, thereby implying that the units of data in the collection are far spread out, which also implies that a lager average means a greater number of units of the automobile product was purchased by the customers. Similarly, the mean for ‘Desirability:1 Seat Motorcycle Electric’ is lowest. This means that the average of the total number of purchases of this automobile product is the least. This product also has the lowest Standard deviation, which means that the data in the mean are very near to each other, thereby implying that the units of data in the collection are nearby or collated, which also implies that lowest average means least number of units of the automobile product was purchased by the customers.

Therefore, we can conclude that ‘Desirability:2 Seat Runabout Hatchback Gasoline Hybrid’ is the most desirable product among the customers and ‘Desirability:1 Seat Motorcycle Electric’ is the least desirable product among the customers.