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# BUS5SBF Statistics For Business And Finance For Analyzing Household Data

5 Pages / 1,049 Words Published On: 06-07-2020
Questions:
A.  Draw a random sample of two hundred and fifty (250) households as per the sample selection procedure. What sampling method have you used to select your sample data? In your opinion, is this the best method of sampling particularly when one is interested in characteristics like the gender of the household head, education levels etc., why or why not?
B.  Compute the descriptive statistics and draw a Box-Whisker plot of Expenditures on the following variables (all series in one graph!);
(i) Alcohol         (ii) Meals          (iii) Fuel              (iv) Phone
C. Use information from the descriptive statistics and the boxplots in part (B) above to present a summary of your findings by contrasting different features of these distributions.

A.  Construct a frequency distribution of the expenditures on Utilities, using the following classification (11 classes).
1    2    ...    10    11
Classes    0 - 300    300 - 600    ...    2700 - 3000     More than 3000

B. Using frequency distribution of the utilities above, what is the percentage of households who spend on Utilities
1.
a.at the most \$900 per annum
b.between \$1500 and \$2700 per annum, and
c.more than \$3000 per annum.
A.  Find the top 5% value and the bottom 5% value of household’s annual after-tax income (AtaxInc). What do these two values imply?
B.  The series OwnHouse represents whether a household owns a house or not. Let X be a random variable such that X = Number of households who own a house.
(i)  Is this a quantitative or a qualitative variable?
(ii) What would be the probability distribution of this random variable if we choose randomly (a) Only 1 household?  (b) 250 households? Provide any relevant condition(s) to justify your answer.
C.  Draw a scatter plot of natural log of total expenditures against natural log of after-tax income, that is,  ln(texp) against ln(ataxinc) and compute the coefficient of correlation. Express your finding of the relationship between the two variables.
A.  Construct a contingency table between the gender and the level of education.
B.  What is the probability that the head of household is a male and his highest level of education is Intermediate?
C.  What is the probability that the head of household is a female and has the Bachelor degree?
D.  What is the proportion of having the Secondary as the highest degree from among males?
E.  Do you think that the events "gender of household head is female" and "having the Master Degree" are independent?

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