# Descriptive Statistics Interpreting Data Sets

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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)

2. Create a 90%, 95%, and 99% confidence interval and explain what this means

3. Do a hypothesis test and 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

GDP

17243112604

84390572977

11786099138

1.94122E+12

2.97648E+11

3.68736E+11

9371187176

1211324626

3.79069E+11

51774221669

1610544922

4.69374E+11

6633055846

8820312674

1.00357E+11

47714490183

7538000000

16577887610

54713128376

1401000000

19649724656

2.08789E+12

4109500000

1516078205

14857275330

2013014939

1.57704E+12

5.2792E+11

2.12741E+11

5.92661E+12

22780280530

22393529278

11897620542

2.88189E+11

541097513

1648089240

35831464226

23132450331

1.92032E+11

3.28053E+12

466389674.1

3.09866E+11

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##### Solution Summary

The expert runs descriptive statistics on the data set and interprets the meaning. Confidence intervals and means are created.

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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).

Descriptive statistics

GDP

count 42

mean 439,067,701,244.41

sample variance 1,208,846,132,167,010,000,000,000.00

sample standard deviation 1,099,475,389,523.12

minimum 466389674.1

maximum 5.92661E+12

range 5.92614E+12

1st quartile 7,858,578,168.50

median 22,956,365,430.50

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

Details

90% Confidence interval

Confidence Interval Estimate for the Mean

Data

Sample Standard Deviation 1.09948E+12

Sample Mean 439067701244

Sample Size 42

Confidence Level 90%

...

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