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    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

    © BrainMass Inc. brainmass.com October 10, 2019, 4:57 am ad1c9bdddf
    https://brainmass.com/statistics/confidence-interval/descriptive-statistics-interpreting-data-sets-485350

    Solution Preview

    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%
    ...

    Solution Summary

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

    $2.19