– Download EconProject_Data.csv from the attached
– use Excel to perform various statistical functions that are stated in the Grading Rubric & Project Questions section below.
-Using Word, you will answer the 12 questions found in the Grading Rubric & Project Questions section below.
1. How many data points are in your final analysis?
2. What is the average, median, variance and standard deviation of each variable?
3. Graph each variable using a bar chart.
4. Is there any skewness in the data? Which direction?
5. What is the cause of the skewness?
6. Which wines are possible outliers and why?
7.a. Create scatter plots between the dependent and each independent variable.
b. Produce the R2 value for each scatterplot.
c. Produce the correlation values for each scatterplot.
d. Which scatterplot shows the strongest and weakest relationship?
8. Determine the multiple regression formula using all independent variables. Show the ANOVA table.
9. What is the coefficient of determination, and adjusted coefficient of determination? What do these values illustrate?
10. At what point/value is each independent variable significant? What does a 1 unit increase in each independent variable do to the dependent variable?
11. What is the mean squared error for this model? What does it mean?
12. Using 1% & 5% alphas, test the overall significance of the model.