Determinants of Wages from the 1985 Current Population Survey
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Dependent Variable: Wage
Independent Variables: Education, Experience, and Age
Age (Years) -
Part II: Individual Report (90 Points)
Each team member chooses one of the variables (Use AGE ). Use EXCEL to complete a descriptive statistical analysis on the selected variable, and complete the Individual report in a WORD document.
1. Each team member chooses ONE variable. (USE AGE)
2. Generate descriptive statistics for the chosen variable. Highlight the measures of central tendency, variability, and five-number summary. Show Original Excel output.
3. Generate Histogram for the chosen variable. Show the mean, median and mode on the histogram. Comment on the shape of the histogram.
4. Calculate mean plus/minus one/two/three standard deviations, and show up the intervals on the histogram.
5. Calculate z-scores of the five-number summary.
6. Use APPROPRIATE method to detect if there is any outlier. Identify and list both Normal and Extreme outliers.
7. Generate 3 random samples of 20 each. Show Original Excel output.
8. Generate 3 random samples of 50 each. Show Original Excel output.
9. Create ONE table which compares the means and standard deviations of your samples to the mean and standard deviation of the whole “population”. Were the larger or smaller samples closer to the true mean and true standard deviation? Discuss what factors influenced how close the sample mean was to the population mean, and how this relates to the Central limit Theorem.
10. Calculate the z-scores of your sample means. (Remember you have the population mean and standard deviation, in which you SHOULD use them)
11. Write down a short paragraph including: 1) Summary of your findings, 2) What have you learned from this project, and 3) Any difficulties/comments you have.