Question
The GDP for the Finance and insurance industry, is provided on the GDP sheet in the NWPB.xlsx Excel file. The NWPB is interested in comparing
The GDP for the Finance and insurance industry, is provided on the GDP sheet in the NWPB.xlsx Excel file. The NWPB is interested in comparing the contributions to GDP by the Finance and Insurance industry for three years from 2015 to 2017.
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a) Can we infer at the 5% significance level that the average GDP over the years from 2015 and 2017 for the Finance and Insurance industry is different? Should we reject or not reject the claim that there is no difference in the population means? Give an explanation for your conclusion.
(Hint: Perform the ANOVA test of comparison of the population means, assuming
all conditions are met).
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b) Construct side-by-side boxplots of the GDP of the Finance and Insurance industry for each of the three years from 2015 to 2017. Compare the boxplots to identify which mean(s), if any, are different.
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c) Provide a possible explanation for the difference you did or did not observe in average GDP of the Finance and Insurance industry between the three years in part a)
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