Covariance and Correlation Coefficient: Calculate the covariance and the correlation coefficient between “Average Life Expectancy for Population” and “Gross Domestic Product per Capita” by using Excel functions. Explain what these numbers (correlation coefficient and covariance) mean (the direction and the magnitude of the correlation if there is any).
2. Confidence Interval:
a. Calculate the mean and standard deviation for “Female Population.”
b. Assume that population standard deviation is unknown. Calculate the confidence interval for population mean by using the sample mean and sample standard deviation for 95% and 99% confidence levels.
3. Test the hypothesis that the female population is equal to the male population at the 5% signi?cance level based on the full dataset.
a. Calculate the mean and standard deviation for both “Female Population” and “Male Population.”
b. Write out the null and alternative hypothesis.
c. Compute the test statistic and p-value, find the critical value and make a conclusion with respect to the hypothesis.
You may complete the Blackboard empirical assignments individually or in pairs. Additionally, completed in pairs, you will submit only one copy of the assignment, and you each will earn the same grade.
Documents to submit:
One Word document:
Includes group members’ names with student ID numbers. Answers to/results for each question.
One Excel document:
Includes any formulas and calculation steps you used to find the results.
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