Statistical Problem MV Analysis

[CR Haeger]

(11-24-2015 03:29 AM)Ender Wrote:  Maybe those in the know here can help me out with a statistics problem as follows:

A comparative prices study took price samples in two regions to find out whether there are any price differences in the two areas. The prices of the same items in the two regions were compared and their differences tabulated as a percentage of a benchmark price in one region.

The task at hand is to determine whether there is any correlation between the size of the price differential (expressed as %) and: (i) the value of the product (expressed as $); (ii) the product category (C1, C2, C3, …); the product type (consumable or non-consumable); (iii) the location of the distributor of the product (D1, D2, D3, …); and the chain store selling the product (S1, S2, S3, …).

My question is: what is the best approach to solving this and how do I frame this as a problem statement or equation? Any pointers to the right direction is very much appreciated. Thanks and cheers.

No offense, but first you may need to provide readers more background on the data and the context of the initial comparative study and the proposed "correlation task". As Walter suggests, the data and results from the initial comparative study may guide if and how to conduct the proposed correlation task.

For the initial comparative study: what is the data and how was it collected? How was it analyzed to determine if there were any statistically and/or practically different prices? Do the results point to the need for the correlation task? If so, can you re-use the data or do you need to collect additional?

Is this an academic or "real world" exercise?