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.
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%
...
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