Discuss the below:
(Economics Application):
Each month the U.S. Bureau of Labor Statistics publishes a variety of unemployment statistics, including the number of individuals who are unemployed and the mean length of time the individuals have been unemployed. The mayor of a city has requested a study on the status of unemployment in the city. A sample of 50 unemployed residents of the city included data on the age and the number of weeks without a job. The data collected are available in the data set BLS.
The managerial report should contain such as:
Use MS Excel Descriptive Statistics to summarize age and number of unemployment weeks.
Develop a 90% confidence interval estimate of the mean age of unemployed individuals in the city. You have to show the interval formula and calculation process.
Develop a 95% confidence interval estimate of the mean number of weeks of unemployment in the city. You have to show the interval formula and calculation process.
The mayor claims that the mean duration of unemployment in the city is not greater than the national mean duration of 13.8 weeks. Please conduct hypothesis testing with 0.10 level of significance. What is your conclusion?
Is there a relationship (trend) between the age of an unemployed individual and the number of weeks of unemployment? If so, please show the tool (graph or statistic) to prove it.
| Age |
Weeks |
| 56 |
22 |
| 35 |
19 |
| 22 |
7 |
| 57 |
37 |
| 40 |
18 |
| 22 |
11 |
| 48 |
6 |
| 48 |
22 |
| 25 |
5 |
| 40 |
20 |
| 25 |
12 |
| 25 |
1 |
| 59 |
33 |
| 49 |
26 |
| 33 |
13 |
| 56 |
15 |
| 20 |
17 |
| 31 |
11 |
| 27 |
17 |
| 23 |
3 |
| 45 |
17 |
| 29 |
14 |
| 31 |
4 |
| 59 |
39 |
| 39 |
7 |
| 35 |
12 |
| 44 |
38 |
| 27 |
14 |
| 24 |
6 |
| 27 |
7 |
| 45 |
25 |
| 42 |
33 |
| 45 |
16 |
| 44 |
12 |
| 21 |
13 |
| 31 |
16 |
| 42 |
4 |
| 23 |
14 |
| 51 |
31 |
| 27 |
7 |
| 30 |
10 |
| 33 |
23 |
| 32 |
8 |
| 22 |
7 |
| 51 |
12 |
| 50 |
16 |
| 21 |
9 |
| 38 |
5 |
| 26 |
8 |
| 55 |
35 |