Gross domestic product. Refer to the estimated gross domestic product in 2018 for the 12 different industries, Exercise 2.82 (p. 104). Suppose the Economy 2020 has to provide a single statistic that best represents the center of the distribution of GDP. Use the summary statistics for the estimated GDP in millions of dollars for the year output as shown below to answer the following questions. Variable N Mean StDev Minimum Q1 Median Q3 Maximum GDP 12 2861.2583 4646.9694 497.5 693.6 1280.35 2420.975 17167.5

a. If you are preparing the Economy 2020 report and you want to show that the region’s industries are economically strong, which statistic would you choose to report this and why?

b. If you are preparing the Economy 2020 report and you want to show that most of the region’s industries are not that economically powerful, which statistic would you choose to report and why? MMC VWDEATHS