Question

In: Economics

Beltway Shoe Company sells luxury leather shoes in the United States. The company monitors its shoe...

Beltway Shoe Company sells luxury leather shoes in the United States. The company monitors its shoe sales by collecting randomly chosen data from store locations throughout the country. They record original price, sale price, and number of days it takes to sell each unit. Each pair of shoes is classified as “Eastern Region" if it is sold in the Eastern part of the United States, or as “Western Region" if it is sold in the Western part of the country. Randomly chosen samples provided sales data for 50 Western Region and 50 Eastern Region pairs of shoes. The complete data set is in the file named Shoes, linked at the bottom of the page.

Managerial Report
Prepare a report (see below) that summarizes your assessment of the nature of the shoe market in each region. Be sure to include the following seven (7) items in your report.

Descriptive statistics (mean, median, range, and standard deviation) to summarize each of the three variables for the 50 Western Region shoes. Are there any outliers in the data set for any of the three variables? If there are any outliers in any category, please list them and state for which category they are an outlier. Describe which method you used to make your determination.

Descriptive statistics (mean, median, range, and standard deviation) to summarize each of the three variables for the 50 Eastern Region shoes. Are there any outliers in the data set for any of the three variables? If there are any outliers in any category, please list them and state for which category they are an outlier. Describe which method you used to make your determination.

Compare your summary results from #1 and #2. Discuss any specific statistical results that would help the Beltway Shoes Marketing Department understand the regional shoe market.

Develop a 90% confidence interval estimate of the population mean sales price and population mean number of days to sell for pairs of Beltway Shoes in the Eastern Region. Interpret your results.

Develop a 90% confidence interval estimate of the population mean sales price and population mean number of days to sell for pairs of Beltway Shoes in the Western Region. Interpret your results.

Assume a branch sales manager requested estimates of the mean selling price of Western Region shoes with a margin of error of $5 and the mean selling price of Eastern Region shoes with a margin of error of $4. Using 90% confidence, how large should the sample sizes be for each?

A Western Region store manager just placed on display a pair of Beltway Shoes, with an original price of $120. Also, an Eastern Region store manager just placed on display a pair of Beltway Shoes, with an original price of $125. For each pair of shoes, what is your estimate of the final selling price (based on the percent difference for the sale and list price) and number of days required to sell each of these units?

Western Region Eastern Region
Original Price Sale Price Days to Sell Original Price Sale Price Days to Sell
82 60 20 148 139 33
140 123 26 103 89 59
80 70 16 112 100 189
89 50 72 81 61 145
135 120 18 136 100 91
146 143 109 112 89 66
80 80 79 121 100 81
125 100 130 83 60 65
70 60 100 99 80 100
81 52 96 93 65 15
103 95 14 98 70 34
118 100 33 106 100 102
136 100 101 109 99 45
101 50 55 102 89 166
140 75 69 96 96 50
73 42 120 103 40 56
135 99 90 84 60 102
89 40 40 96 50 71
144 60 130 125 75 45
109 45 23 136 100 80
145 100 106 103 103 33
81 50 133 82 60 25
136 70 62 149 100 23
110 88 74 92 88 45
137 137 101 111 100 77
132 50 96 148 70 100
75 42 98 98 68 65
71 62 189 102 82 34
109 89 122 109 100 144
130 119 108 137 137 2
108 89 19 85 65 34
146 100 125 94 84 45
98 80 15 141 141 100
82 50 7 131 120 8
79 79 1 130 120 10
138 99 17 107 80 45
95 79 23 113 80 120
136 129 30 142 100 100
74 34 17 105 60 36
139 100 25 140 70 75
143 89 120 83 43 69
120 109 35 97 90 45
75 75 25 95 90 38
136 69 15 129 99 56
124 100 75 93 60 71
132 69 25 118 100 34
91 79 33 89 80 55
80 50 49 73 60 67
54 54 100 79 60 78
68 58 75 103 70 114

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