Data Analysis Project 3
For this project you will demonstrate competency in researching economics; that is, creatively designing a research question, locating pertinent and credible data to support an answer, and presenting results in a professional and articulate manner. Furthermore, you will also be applying fundamental statistical and regression concepts to your data sets to more quantitively answer your research questions. Follow these steps to complete the project:
1. Using the data covered in the National Economy, Wealth Income and Poverty, Business Statistics, Labor Statistics, and Government, generate five research questions to study (one from each category). For this project use causal type phrasing (e.g. “Higher taxes cause lower GDP”, “Increased worker productivity increases savings”, etc.).
2. Excel File:
A. For three of the five research questions create an Excel sheet with your data set, one graph and the statistical metrics listed below. Compile all the statistical metrics below and use a different type of graph for each question. All statistical metrics and graphs are to be calculated/generated in Excel using the functions reviewed in class.
· Mean (weighted, arithmetic, or geometric)
· Sample Variance
· Standard Deviation
· Coefficient of Variation
· Make sure n ≥ 30 (that is you should have at least 30 data points that correlate across time or space)
· Add the R-squared and trendline to the scatterplot; use the functional form with the highest R-squared.