Provide a descriptive analysis of the two variables. Which countries have the lowest and average… 1 answer below »

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Provide a descriptive analysis of the two variables (e.g., mean, standard deviation, minimum

and maximum). Which countries have the lowest and average life satisfaction scores? Which

countries have the lowest and highest GDPs per capita? (2 marks).

? Develop a scatter diagram with GDP per capita as the independent variable. What does the

scatter diagram indicate about the relationship between the two variables? (3 marks).

? Develop and estimate a regression equation that can be used to predict average life

satisfaction given GDP per capita. (2 marks).

? State the estimated regression equation and interpret the meaning of the slope coefficient (to

make the interpretation easier multiply the estimated coefficient by 10,000). (3 marks).

? Is there a statistically significant association between GDP per capita and average life

satisfaction? What is your conclusion? (2 marks).

? Did the regression equation provide a good fit? Explain. (3 marks).

? Luxembourg, Ireland, and Norway appear to be outliers in terms of GDP per capita. Reestimate your regression model without Luxembourg, Ireland, and Norway. How does this

affect the slope coefficient and goodness of fit? Explain. (5 marks).

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