Statistical Analysis of Unleaded 91 Fuel Prices in Queensland
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This project covers the statistical analysis of Unleaded 91 fuel prices in Queensland on September 11, 2018. It includes hypothesis testing and conclusions based on the results.
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SOUTHERN CROSS UNIVERSITY School of Business and Tourism MAT10251 Statistical Analysis PROJECT COVER SHEET Please complete all of the following detailsand then make these sheets thefirst pages of your project – do not send it as a separate document. Your project must be submitted as aWord document. PART B Student Name:Selven Armoogum Student ID No.:22459299 Tutor’s name:Mr Badri Due date: Date submitted: Declaration: I have read and understand the Rules Relating to Awards (Rule 3 Section 18 – Academic Integrity) as contained in the SCU Policy Library. I understand the penalties that apply for academic misconduct and agree to be bound by these rules. The work I am submitting electronically is entirely my own work. . Signed:S.Armoogum Date:
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STUDENT NAME: S.Armoogum STUDENT ID NUMBER: 22459299 MAT10251 – Statistical Analysis Project Part B Enter your sample number below SampleNumber(last digit of your student ID number)9 Fuel First letter family nameA to M – Unleaded 91 First letter family nameN to Z – Diesel Unleaded 91 (A)
Value:5%
Marking and Feedback Sheet Part B Max MarksMark Cover sheet or sample incorrect-2 Format incorrect, including file name-2 Self-Marking and Reflection Part A (5 marks) Self-Marking Part A2 Reflection3 Part B Statistical Inference Tasks (19 marks) Statistical Inference Question 1 Choice of technique, assumptions & other required steps4 Calculation (Excel output)3 Conclusion2 Statistical Inference Question 2 Choice of technique, assumptions & other required steps5 Calculation (Excel output)3 Decision and conclusion2 Written task - Discussion and results (6 marks) Question 12 Question 22 Structure, grammar and spelling2 Total Part B300.0 Comments
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Introduction The objective of this task is to answer two research questions related to the prices of Unleaded 91 in Queensland with a focus on September 11, 2018. Two research questions were sought to be answered and they focused on testing whether the prices of Unleaded 91 in Queensland were expensive on September 11, 2018.The research questions are; a)Wasthe average price of the Unleaded 91 fuel for the given sample expensive on September 11, 2018Queensland state? b)OnSeptember 11, 2018was the price of Unleaded 91for the given sample at least $1.50 per litre in more than 25% of petrol stations in Queensland? Results and Analysis We begin by testing the first research question which is; a)Wasthe average price of the Unleaded 91 fuel for the given sample expensive on September 11, 2018Queensland state? The average price of the Unleaded 91 fuel in Queensland on September 11, 2018 was $1.58 per litre. So to answer the research question, the following hypothesis was tested; H0: The average price of the Unleaded 91 fuel in Queensland on September 11, 2018 is equal to 158 cents ($1.58) per litre. HA: The average price of the Unleaded 91 fuel in Queensland on September 11, 2018 is greater than 158 cents ($1.58) per litre. To test this hypothesis, a One-sample t-test was performed at 5% level of significance. The results of the first hypothesis tested are given in table 1 below.
Table 1: t-Test: Two-Sample Assuming Equal Variances Unleaded 91 (Cents per Litre) Average price (Cents per Litre) Mean157.6363158 Variance29.124870 Observations8080 Pooled Variance14.56244 Hypothesized Mean Difference0 df158 t Stat-0.60286 P(T<=t) one-tail0.273733 t Critical one-tail1.654555 P(T<=t) two-tail0.547467 t Critical two-tail1.975092 As can be seen from the above results, the average price of Unleaded 91 in the sample that was provided is 157.64 (Cents per Litre) while the average in Queensland state was 158 (Cents per Litre). The p-value of the test was 0.2737 (a value greater than 5% level of significance), we therefore fail to reject the null hypothesis and conclude that the average price of the Unleaded 91 fuel in Queensland on September 11, 2018 is equal to 158 cents ($1.58) per litre. Based on the results we can conclude thatthe average price of the Unleaded 91 fuel for the given sample was not expensive onSeptember 11, 2018Queensland state. Next we test the second research question which is; a)OnSeptember 11, 2018was the price of Unleaded 91for the given sample at least $1.50 per litre in more than 25% of petrol stations in Queensland? To answer the research question, the following hypothesis was tested; H0: The average price of the Unleaded 91 fuel was at least $1.50 in 25% of petrol stations in Queensland.
HA: The average price of the Unleaded 91 fuel was at least $1.50 in more than 25% of petrol stations in Queensland. To test this hypothesis, a One-sample t-test for proportions was performed at 5% level of significance. The results of the second hypothesis tested are given in tables 2 and 3 below. Table 2: One-Sample Statistics NMeanStd. DeviationStd. Error Mean Is the price of Unleaded 91 fuel at least $1.50 per litre? 80.8625.34655.03875 Table 3: One-Sample Test Test Value = 0.25 tdfSig. (2- tailed) Mean Difference 95% Confidence Interval of the Difference LowerUpper Is the price of Unleaded 91 fuel at least $1.50 per litre? 15.80879.000.61250.5354.6896 From the above results, we can observe that the average proportion of petrol stations with price of the Unleaded 91 fuel being at least $1.50 was 86.25%. The p-value is 0.000 (a value less than 5% level of significance), we therefore reject the null hypothesis and conclude that the average price of the Unleaded 91 fuel was at least $1.50 in more than 25% of petrol stations in Queensland. Based on these results, we can conclude thatthe price of Unleaded 91 fuel was expensive on September 11, 2018 for the Queensland state.
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Conclusion Based on the above analysis, it is clear that the sample fuel prices in the 80 selected petrol stations was not greater than the average for the Queensland state. However, considering whether the prices of Unleaded 91 were more than $1.50 per litre results showed that about 86.25% of the petrol stations had prices of Unleaded 91 greater than or equal to $1.50 per litre. This therefore can be said to be very expensive if the baseline is $1.50 per litre.
Appendices Part Bï‚·Definition of random variable/s The random variable included is the price of unleaded 91 fuel that is a continuous variable.ï‚·Any required assumptions. The assumptions taken for the analysis of one-sample t-test is that the variable is normally distributed and that the values were randomly selected.ï‚·Why test or interval was chosen One-sample t-test was chosen because there is only one variable to be tested. Hypothesesï‚·Hypotheses and decision for a hypothesis test H0: The average price of the Unleaded 91 fuel in Queensland on September 11, 2018 is equal to 158 cents ($1.58) per litre. HA: The average price of the Unleaded 91 fuel in Queensland on September 11, 2018 is greater than 158 cents ($1.58) per litre. H0: The average price of the Unleaded 91 fuel was at least $1.50 in 25% of petrol stations in Queensland. HA: The average price of the Unleaded 91 fuel was at least $1.50 in more than 25% of petrol stations in Queensland. ï‚·Excel output Table 1: t-Test: Two-Sample Assuming Equal Variances Unleaded 91 (Cents per Litre) Average price (Cents per Litre) Mean157.6363158 Variance29.124870 Observations8080 Pooled Variance14.56244 Hypothesized Mean Difference0 df158 t Stat-0.60286 P(T<=t) one-tail0.273733
t Critical one-tail1.654555 P(T<=t) two-tail0.547467 t Critical two-tail1.975092 ï‚·Interpretation of results and a conclusion As can be seen from the above results, the average price of Unleaded 91 in the sample that was provided is 157.64 (Cents per Litre) while the average in Queensland state was 158 (Cents per Litre). The p-value of the test was 0.2737 (a value greater than 5% level of significance), we therefore fail to reject the null hypothesis and conclude that the average price of the Unleaded 91 fuel in Queensland on September 11, 2018 is equal to 158 cents ($1.58) per litre. Based on the results we can conclude thatthe average price of the Unleaded 91 fuel for the given sample was not expensive onSeptember 11, 2018Queensland state. ï‚·Excel output t-Test: Two-Sample Assuming Equal Variances Variable 1 Variabl e 2 Mean0.86250.25 Variance0.1200950 Observations8080 Pooled Variance0.060047 Hypothesized Mean Difference0 df158 t Stat15.80843 P(T<=t) one-tail1.16E-34 t Critical one-tail1.654555 P(T<=t) two-tail2.32E-34 t Critical two-tail1.975092 ï‚·Interpretation of results and a conclusion From the above results, we can observe that the average proportion of petrol stations with price of the Unleaded 91 fuel being at least $1.50 was 86.25%. The p-value is 0.000 (a value less than 5% level of significance), we therefore reject the null hypothesis and conclude that
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the average price of the Unleaded 91 fuel was at least $1.50 in more than 25% of petrol stations in Queensland. Based on these results, we can conclude thatthe price of Unleaded 91 fuel was expensive on September 11, 2018 for the Queensland state.