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VALUE
mean of age 44.5 mean of income 1164.83
INTERPRETATION
Mean and median of age are the same because the set consists of evenly
spaced numbers.
MEDIAN
The median of a distribution with a discrete random variable depends on whether the
number of terms in the distribution is even or odd.
VALUES
median of age 44.5 median of income 1354
INTERPRETATION
There are 6 values so the median {n/2th observation + (n/2 + 1)th observation} /2.
GRAPH
45 1350.00
40
1300.00
35
30 1250.00
25
1200.00
20
15 1150.00
10
1100.00
5
1050.00
0 1 2
1 2
MODE
The mode is the value that is repeatedly occurring in a given set.
VALUES
mode of age #N/A mode of income #N/A
INTERPRETATION
Mode of both age and income is not defined because there are no repeats in
the data.
MAXIMUM
The greatest amount, extent, or intensity possible.
VALUES
Maximum 69.5 Maximum 1533
MINIMUM
the least or smallest amount or quantity possible.
VALUES
VALUES
Range 50 Range 1199
GRAPH
Minimum Minimum
Range Range
0 50 100 150 200 250 300 350 400 0.00 50000.00 100000.00 150000.00 200000.00 250000.00
KURTOSIS
Kurtosis is a statistical measure used to describe the degree to which scores
cluster in the tails or the peak of a frequency distribution. The peak is the
tallest part of the distribution, and the tails are the ends of the distribution.
VALUES
Kurtosis -1.2 Kurtosis 2.633083542
INTERPRETATION
Kurtosis of age is less than zero so the distribution is light tails (platykurtic) and that of
income is more than 1 so the distribution has heavier tails (mesokurtic).
SKEWNESS
Skewness is the measure of the asymmetry of an ideally symmetric probability
distribution
VALUES
Skewness -1.33227E-16 Skewness -1.676048629
INTERPRETATION
Both age and income sets are negatively skewed. Also the data is highly
skewed as its less than -1.(not symmetrical)
STANDARD DEVIATION
A quantity expressing by how much the members of a group differ from the
mean value for the group.
VALUES
standard deviation of age 18.71 standard deviation of income 446.262
INTERPRETATION
Standard deviation is a large number because the observed values vary widely
around the mean.
VARIANCE
Variance tells you how far a data set is spread out, but it is an abstract
number that really is only useful for calculating the Standard Deviation.
VALUES
variance of age 350 variance of age 199149.37
INTERPRETATION
The variance is also large which states that the numbers in the set are far
from the mean and far from each other.
CORRELATION
Correlation is a statistical measure that expresses the extent to which two
variables are linearly related (meaning they change together at a constant
rate).
VALUES
correlation 0.416467584
INTERPRETATION
As we can see that the correlation is approximately 0.4 which states that there is a
positive relation but the correlation is stated as weak. We can infer from this that its
not mandatory that with increasing age the income will increase at the same rate.
REGRESSION
Regression is a statistical method used in finance, investing, and other
disciplines that attempts to determine the strength and character of the
relationship between one dependent variable (usually denoted by Y) and a
series of other variables (known as independent variables).
VALUES
regression 0.173445249
p-value 0.23454046
regression y = 0.0611x +
equation 0.1124
INTERPRETATION
It shows low r square value and high p value.
GRAPH
0.2
0.35
0.3
0.15
0.25
0.2
0.1
0.15
0.1
0.05
0.05
0 0
0.8 1 1.2 1.4 1.6 1.8 2 2.2 1 2
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