Question: The data from Exhibit 3 is also in the Excel data file on the course website. Use Excel, along with this file, to determine Mrs.

The data from Exhibit 3 is also in the Excel data file on the course website. Use Excel, along with this file, to

The data from Exhibit 3 is also in the Excel data file on the course website. Use Excel, along with this file, to determine Mrs. Ivory's real income for the last eighteen years. Do this by first converting each price index from percent by dividing by 100 . Then, divide gross income by your converted (adjusted) price index. Using Excel, find the mean, median, standard deviation, variance, and construct the boxplot of her past real income. Explain the meaning of these statistics. Can you use the mean income to forecast future earnings? Take into account both statistical and non-statistical considerations. EXHIBIT 3 The data from Exhibit 3 is also in the Excel data file on the course website. Use Excel, along with this file, to determine Mrs. Ivory's real income for the last eighteen years. Do this by first converting each price index from percent by dividing by 100 . Then, divide gross income by your converted (adjusted) price index. Using Excel, find the mean, median, standard deviation, variance, and construct the boxplot of her past real income. Explain the meaning of these statistics. Can you use the mean income to forecast future earnings? Take into account both statistical and non-statistical considerations. EXHIBIT 3

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