StatCrunch logo (home)

Report Properties
Thumbnail:

from Flickr
Created: Jun 17, 2019
Share: yes
Views: 30
Tags:
 
Results in this report
 
Data sets in this report
 
Need help?
To copy selected text, right click to Copy or choose the Copy option under your browser's Edit menu. Text copied in this manner can be pasted directly into most documents with formatting maintained.
To copy selected graphs, right click on the graph to Copy. When pasting into a document, make sure to paste the graph content rather than a link to the graph. For example, to paste in MS Word choose Edit > Paste Special, and select the Device Independent Bitmap option.
You can now also Mail results and reports. The email may contain a simple link to the StatCrunch site or the complete output with data and graphics attached. In addition to being a great way to deliver output to someone else, this is also a great way to save your own hard copy. To try it out, simply click on the Mail link.
EBL4-Forbes Richest 2008
Mail   Print   Twitter   Facebook

What do you see in in the scatterplot? - No, linear pattern. I do not observe a straight line relationship. 

Calculate the correlation coefficient. - -0.095748229

Comment on the correlation coefficient - Negative, very very weak. 

Determine if the correlation is statistically significant. -0.096 < 0.205; so it is not significant. Thus there is no relationship between age and net worth. 

What lurking variables can you think of that may explain the remaining variation? Industry; as those in Tech related industries typically are younger, with higher net worth. Further data would be needed to examine if a positive relationship could be obtained.  

 

When removing the outliers, the 4 top four wealthiest (William Gates III, Warren Buffett, Sheldon Adelson, Lawrence Ellison), the mean dropped 1.4 Billion. Standard Deviation dropped 3.1 Billion. Median dropped 0.3. Range and Max also decreased accordingly. So by removing the top outliers, it did improve the strength of the correlations, but not enough to make it statistically significant. 

Result 1: HistogramAge-EBL4-Forbes Richest   [Info]
Right click to copy

Result 2: HistogramAge-EBL4-Forbes Richest   [Info]
Right click to copy

Result 3: Simple Linear Regression-EBL4-2-Forbes Richest   [Info]
Right click to copy

Result 4: BoxplotAge-EBL4-Forbes Richest   [Info]
Right click to copy

Result 5: Boxplot-EBL4-Forbes Richest   [Info]
Right click to copy

Data set 1. Forbes Richest Americans   [Info]
To analyze this data, please sign in.

HTML link:
<A href="https://www.statcrunch.com/5.0/viewreport.php?reportid=88052">EBL4-Forbes Richest 2008</A>

Comments
Want to comment? Subscribe
Already a member? Sign in.

Always Learning