MNGT 213: Assessment 3 Questions It is believed that educational attainment is higher in countries with higher expenditure on education as a percentage of GDP. Assuming that there is a linear relationship between expenditure on education as a percentage of GDP and percentage of labour force (over 25years old) with at least post-secondary education for 14 countries in the World Socioeconomic Data, answer the following questions using the data set labourforce2015.x ls x.(a) Calculate the sample correlation coefficient for the data. Comment on its value.[5 marks](b) Explain your choice of independent and dependent variables.[5 marks](c) Let y=Percentage of labour force with at least post-secondary education and x=Expenditure on education as percentage of GDP. Use the Excel Data Analysis Add-in to regress y on x. Interpret the regression coefficients.[10 marks](d) Plot the data and add the estimated regression line.[5 marks](e) Find the coefficient of determination (R2) for the above estimated regression line andgive a full interpretation of the value.[5 marks](f) Perform a hypothesis test at the 5% significance level for the gradient of the regressionline and draw conclusions about whether there is evidence for a relationship between Expenditure on education as percentage of GD P and Percentage of labour force with atleast post-secondary education.[10 marks](g) Produce appropriate plots of the regression residuals to assess the assumptions of the regression model. Consider if there are any patterns in the residuals, which might suggest ways to improve the model. For example, are the residuals normally distributed and do they have constant variance?[10 marks](h) Predict the percentage of the labour force with at least post-secondary education for Argentina based on the fact that the country’s expenditure on education in 2015 was5.78% of GDP. Produce a 95% confidence interval for this prediction.