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Math Help - Ideas on statistics equations for grocery prices

  1. #1
    thinktank
    Guest

    Smile Ideas on statistics equations for grocery prices

    Hi all,

    I am a newbie to this site, and I apologise for the request as the first post.

    I run a site that collects prices from grocery stores in Australia and compares them historically. What I am after is any ideas on the kinds of statistics I should be getting from these prices. Have a look here for an example of the price 1kg Cheese over time:


    Mainland tasty Cheese 1kg


    At the moment I calculate the maximum price, minimum price, and average, and then do some simple comparing of the current price to those values.

    Does anybody have any ideas on the kinds of stats I could/should be running on these? Any ideas at all are muchly appreciated.
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  2. #2
    Senior Member
    Joined
    Feb 2008
    From
    Berkeley, Illinois
    Posts
    364
    Quote Originally Posted by thinktank View Post
    Hi all,

    I am a newbie to this site, and I apologise for the request as the first post.

    I run a site that collects prices from grocery stores in Australia and compares them historically. What I am after is any ideas on the kinds of statistics I should be getting from these prices. Have a look here for an example of the price 1kg Cheese over time:


    Mainland tasty Cheese 1kg


    At the moment I calculate the maximum price, minimum price, and average, and then do some simple comparing of the current price to those values.

    Does anybody have any ideas on the kinds of stats I could/should be running on these? Any ideas at all are muchly appreciated.
    The 3 basics that come to mind which are used frequently are:

    Mean, Variance, and Standard Deviation. Mean is the average of all your numbers. The other 2 are more of a measurement of spreads and change. If you are using Excel spreadsheets, they have a function for all 3 of those.

    If you want to see the math behind the stats, here is your number set:
    11.1,11.1,11.11,11.11,7.99,11.11,11.11,11.11,11.11 ,7.99,11.11,7.99,6.99,6.99,6.99

    Go here:

    Mean, Variance, and Standard Deviation

    Enter the number set above and press Calculate. Let me know if you have questions.

    For economics, statistics are used to measure averages, trends, and odd deviations given certain circumstances. I'd learn and utilize these 3, and then graduate to more advanced measurements when you feel comfortable with these 3.
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