5. What is the skewness and kurtosis of each data set? 6. Generate a histogram plot...

5. What is the skewness and kurtosis of each data set? 6. Generate a histogram plot of each of the data sets. 7. Based on the variability of the data, what do you think the next step would be to analyze the data? Age Income 29 9315 25 6590 28 9668 27 8412 25 1654 24 2431 25 6977 19 8966 27 9327 18 3871 25 9934 19 2236 19 3035 29 2518 19 3616 19 9219 28 1090 18 5368 26 2832 29 1899

Solutions

Expert Solution

5. The summary statistics for each data-set is as follows;

Age

Mean	23.9
Standard Error	0.9316086822
Median	25
Mode	19
Standard Deviation	4.166280684
Sample Variance	17.35789474
Kurtosis	-1.5946043
Skewness	-0.3145955467
Range	11
Minimum	18
Maximum	29
Sum	478
Count	20

Income

Mean	5447.9
Standard Error	724.4938411
Median	4619.5
Mode	9934
Standard Deviation	3240.034956
Sample Variance	10497826.52
Kurtosis	-1.769589839
Skewness	0.1720874245
Range	8844
Minimum	1090
Maximum	9934
Sum	108958
Count	20

From the above tables we observe the value of skewness and kurtosis.

The same has been calculated using the Data analysis option in MS Excel.

6. Histogram for Age:

Bin	Frequency	Cumulative %
18	2	10.00%
20	5	35.00%
22	0	35.00%
24	1	40.00%
26	5	65.00%
28	4	85.00%
30	3	100.00%
More	0	100.00%

Histogram for Income:

Bin	Frequency	Cumulative %
2000	3	15.00%
4000	7	50.00%
6000	1	55.00%
8000	2	65.00%
10000	7	100.00%
More	0	100.00%

7. Based on the data our next step would be to calculate the correlation between age and income.

	Age	Income
Age	1
Income	0.06171967151	1

We observe a very low correlation between age and income. The value is 0.06.

orchestra answered 1 year ago

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