Project description:
Using any statistical techniques, analyze the data contained in the Math 2002 Data.xls file and answer the following questions:
1. Is there a significant difference in the median age of workers between the years 1992 and 2004. Explain why the results of your analysis may involve a Type I or Type II Error.
Hint: Use descriptive statistics to chart and compare the various age groups to determine if there is an underlying movement between the groups that might indicate a different answer.
2. Is there a relationship between the unemployment rate, GDP and inflation?
Hint: Be careful to compare apples to apples. You might want to transform the data into comparable variables. Again, use descriptive statistics to compare the variables and determine if there are underlying fluctuations in the data that might bias your analysis.