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The economic dynamism, which is the index of productive growth in dollars for countries that are designated by the World Bank as middle-income are listed in the table below. Compute a 95% confidence interval for the mean economic dynamism of middle-income countries.
Table: Economic Dynamism ($) of Middle Income Countries
25.8057
37.4511
51.915
43.6952
47.8506
43.7178
58.0767
41.1648
38.0793
37.7251
39.6553
42.0265
48.6159
43.8555
49.1361
61.9281
41.9543
44.9346
46.0521
48.3652
43.6252
50.9866
59.1724
39.6282
33.6074
21.6643
a. State the random variable and parameter in words
b. State and check the assumptions for this type of analysis
c. Find the critical value (zcrit or tcrit)
d. Calculate sample statistics and determine the margin of error
e. State the confidence interval mathematically, and interpret this as a complete sentence.
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