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> Linear Model of Prices, Spring 97

The Data

The following is an attempt to explain the prices of clamps, using data gathered at Brimfield, Spring 1997, on the Saturday. Please note the special nature of the sample, and do not over-generalize the findings.

The Model

My basic assumption is that the price of a clamp can be estimated from

Price = Size_Function

where Size_Function is linear, a constant plus so much per inch of jaw.

Results

If you plot the data, the pattern was apparent. What I see is that

  1. the prices tend to cluster around the line $ = 1 X inches; and
  2. the higher prices often seem to be multiples of 5$ (often) and 10$ (rarely); and
  3. there can be a 2 to 1 spread between highest and lowest prices.

(The coefficient in the equation is chosen for ease of use, rather than for very close fit.)

The spread depends mostly on condition or looks. All these clamps were in fair working order or better, but some were dinged, grimy, or damaged to great or less degree, while others were cleaned up and polished.  I didn't see any really broken ones.


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