|||Provide a descriptive analysis of the two variables (e.g., mean, standard deviation, minimum
and maximum). Which countries have the lowest and average life satisfaction scores? Which
countries have the lowest and highest GDPs per capita? (2 marks).
Develop a scatter diagram with GDP per capita as the independent variable. What does the
scatter diagram indicate about the relationship between the two variables? (3 marks).
Develop and estimate a regression equation that can be used to predict average life
satisfaction given GDP per capita. (2 marks).
State the estimated regression equation and interpret the meaning of the slope coefficient (to
make the interpretation easier multiply the estimated coefficient by 10,000). (3 marks).
Is there a statistically significant association between GDP per capita and average life
satisfaction? What is your conclusion? (2 marks).
Did the regression equation provide a good fit? Explain. (3 marks).
Luxembourg, Ireland, and Norway appear to be outliers in terms of GDP per capita. Re
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