The dataon the left is the level of GDP freedom for 42 nations
1. Run descriptive statisticson this data set and interpret the meaning (this does not meanjust repeating the numbers)
2. Create a 90%, 95%, and 99% confidence intervaland explain what this means
3. Do a hypothesis testand check to see if a value of a single value of 5.0E+11* is realistic based on the data and state why, you must show all the steps in the hypothesis test
4. Do a hypothesis test and check to see if a value of a sample with 30 observations that has a value of 5.0E+11 is realistic based on the data you must show all the steps in the hypothesis test
*5.0E+11 = 500,000,000,000 – It means add 11 zeros to the value – You do not need to change data, Excel will recognize and do as is
Please see the attachment.
The data on the left is the level of GDP freedom for 42 nations
1. Run descriptive statistics on this data set and interpret the meaning (this does not mean just repeating the numbers).
sample variance 1,208,846,132,167,010,000,000,000.00
sample standard deviation 1,099,475,389,523.12
1st quartile 7,858,578,168.50
3rd quartile 295,283,250,000.00
interquartile range 287,424,671,831.50
The average GDP is 439,067,701,244.41 with a standard deviation of 1,099,475,389,523.12. The box plot and histogram suggest that the distribution of GDP is highly positively skewed and there are some extreme values in the data.
2. Create a 90%, 95%, and 99% confidence interval and explain what this means.
Confidence interval for population mean is given by the formula
90% Confidence interval
Confidence Interval Estimate for the Mean
Sample Standard Deviation 1.09948E+12
Sample Mean 439067701244
Sample Size 42
Confidence Level 90%
The expert runs descriptive statistics on the data set and interprets the meaning. Confidence intervals and means are created.