Economic Data Collection and Analysis Essay Example for Free

Economic Data arrangement and Analysis EssayFrom analysing the Data on the Scatter Plot the relationship betwixt the gross domestic product and the race of Great Britain from 1999-2009 appears to be a moderate positive coefficient of correlation relationship. Both variables are increasing at a similar rate and following a similar pattern which would indicate this relationship. This relationship would black market to be a positive one as more people are available to the work. inquiry 3The correlation relationship between the GDP and the commonwealth represents a strong positive correlation at 0.897922049. This indicates that the two indicators have a mean relationship and any change in all of the indicators bequeath be represented by a similar change in the other. This write in code is close to 1 which would indicate a absolutely positive correlation relationship. This would indicate that Population was a perfect indicator for Great Britains GDP.Question 4The correlati on of ratiocination indicates a adaptation of 80.6%. This government agency that 80.6% of variation in Great Britains GDP can be accounted to the nations Population variation. This is a large percentage and represents the strong relationship between Great Britains cosmos and GDP. This figure indicates a proportion of the total variation in the dependent variable, population that is explained by the variation in the independent variable GDP. This figure is easier interpreted compared to the correlation relationship overdue to its percentage format.Question 5The Slope of these two indicators is 77.038. This figure means that for every addition to Great Britains population, GDP exit increase by 77.03. This Figure represents further the close relationship between Great Britains population and GDP. The intercept coefficient of these indicators is -3375.39. This figure indicates that if Great Britains population dropped to zero that the nations GDP would in like manner fall to this figure.Question 6Using the Ordinary Least Squares technique I plotted the regress line for this scatter diagram. Using this method the reversion line is best fit to this scatter diagram. This retrogression is in accordance with the data represented in Question 3 and Question 4 shown above. This regression line expresses the relationship between the two variables and estimates the value of the dependent variable, GDP based on a selected value of the independent variable population. Based on the population of Great Britain the standard error of the GDP in the Nation is 41.55%. This indicates how precise the estimation of GDP is depending on the population of Great Britain.Part 2Question 2The Data from the scatter plot would indicate the relationship between the Unemployment and Gross theme Saving in the United States from 1999-2009 was a negative correlation relationship. This relationship would be negative due to the loss of income expeirenced as workers become unemployed.Question 4The correlation coefficient represents a strong relationship between unemployment and GNS in the United States from 1999-2009 at -0.857874442. This correlation indicates that both of these indicators are closely linked and influential towards severally other. This relationship is a strong negative correlation as forecasted above.Question 5The correlation of determination stands at 73.5%. This indicates a close relationship between the unemployment and GNS in the United States from 1999-2009. This figure means that 73.5% of the variation in Gross National Saving can be accounted for by the variation in unemployment in the United States during the same period. The percentage format of this figure makes it easier to comprehend.Question 6The slope of this correlation stands at -1.32 which would imply that the law of diminishing marginal returns is applying. This means that for every additional person in unemployment the GNS will fall. The intercept coefficient of these indicators is 22.143. This figure indicates that if unemployment were to fall to zero that Gross National Savings would change to this figure.