Aeb3550

AEB 3550 Assignment 3

An Analysis of Florida Tourism

A neat, professional looking printed version of your report is due on Friday, May 1st by midnight. You may work in a group of 2 but each person must FULLY understand the content and contribute to the statistical analysis and interpretation. If you work in a group, you must BOTH submit your report on e-learning and both names MUST be on the document. A late submission will come with a 5 point penalty each 24 hours it is late.

Learning Objectives:

1. Use excel to calculate descriptive statistics for a given data set and to interpret those statistics

2. Use Excel to create confidence intervals around random variables

3. Discuss probability for normal distributions

Directions:

Step 1: Familiarize yourself with the data

For this assignment, a dataset has been provided for students from the Bureau of Economic and Business Research (https://www.bebr.ufl.edu/data).

Step 2: write a professional report/analyze data

1. (1 point) A cover page containing:

1.1. The title “An Analysis of Florida Tourism”

1.2. Your full name(s)

1.3. The course information

2. For each variable in the data set:

2.1. (7 points) Generate descriptive statistics using the data analysis toolpack

2.2. (14 points) Generate a 95% confidence interval for each variable (year is the element, not a variable) and economically interpret these intervals. For those variables with fewer than 30 data points, assume the t-distribution. For greater than 30 data points, assume the z-distribution.

3. (8 points) Tell an economic story about the variables included in this data set referencing the following questions. For these questions assume the standard normal distribution.

3.1. What is the probability of tourism being fewer than 60 million visitors?

3.2. What is the probability of rental vacancy being more than 10%?

3.3. What is the probability of watercraft injuries in Florida exceeding 200 incidents?

3.4. What is the probability that there will be more than 1 million crimes in Florida?

3.5. What is the probability that alcohol related crashes will remain below 20,000 incidents?

3.6. What is the probability of the Florida residents median age being over 40 years of age?

3.7. What is the probability of the Florida Sentiment index being between 95 and 100?

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