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Statistics for Business by Derek Waller

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2

Characterizing and Defining Data

Fast Food and Currencies

How do you compare the cost of living worldwide? An innovative way is to look at the prices of a McDonald’s Big Mac in various countries as The Economist has being doing since 1986. Their 2005 data is given in Table 2.1.1 From this information you might conclude that the Euro is overvalued by 17% against the $US; that the cost of living in Switzerland is the highest; and that it is cheaper to live in Malaysia. Alternatively you would know that worldwide the average price of a Big Mac is $2.51; that half of the Big Macs are less than $2.40 and that half are more than $2.40; and that the range of the prices of Big Macs is $3.67. These are some of the characteristics of the prices of data ...

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