UK Employment Data, Chocolate and Ice Cream Preferences, Business Decisions, and More

Answering Questions on UK Employment Data

Question One:

Table 1 shows employment data in the UK for the period July 2016 to December 2016. The data considers only people of the age 16 or over. People are either economically active, meaning they are either employed (working) or unemployed (not working but actively seeking work) OR economically inactive, meaning that they are neither working nor seeking work (e.g. full time students). Note: Please read the questions carefully.

Table 1: UK Employment Data (July 2016 – December 2016)

a. During July 2016, 5% of those aged 16 and over were female. How many people aged 16 and over were female? Write your answer correct to the nearest thousand.

b. What percentage of those aged 16 and over were unemployed during November 2016? Write your answer correct to two decimal

c. The number of people aged 16 and over classified as unemployed in January 2017 was 9% lower than during December 2016. How many people, aged 16 and over, were unemployed in January 2017? Write your answer correct to the nearest thousand.

d. By what percentage did the number of economically active people change by between July 2016 and December 2016? Write your answer correct to one decimal

e. The number of economically inactive people was 3% higher in July 2016 than it had been during June 2016. How many people were economically inactive during June 2016? Write your answer correct to the nearest thousand.

f. The number of people aged 16 and above increases on average by 35% every year. If this trend continues, how many people aged 16 and over will there be in the UK by December 2031? Write your answer correct to the nearest thousand.

Brief comments on your finding.

a. In a group of people 90% like Of those who like chocolate 75% also like ice cream. 65% of those people who don’t like chocolate also don’t like ice cream.

1. Draw a tree diagram of the above

2. What percentage of people like both chocolate and ice cream?

3. What percentage of people like chocolate but don’t like ice?cream?

4. What percentage of people don’t like chocolate and don’t like ice- cream?

In each case write your answer as a percentage, correct to 1 decimal places.

b. In what ways can decision trees be used for business decisions?

c. The number of lottery tickets sold by each of 30 employees is: 9, 22, 10, 8, 12, 12, 35, 17, 18, 15, 20, 41, 26, 21, 23, 26, 24, 29, 16, 32, 33, 20, 30, 38, 32, 18, 37, 11, 26, 35

Using this data, calculate the mean, median, mode and inter quartile range. Where appropriate, write your answers as a decimal, correct to 1 decimal place Using examples, discuss importance of measures of central tendency and the measure of spread.

 d. You are parking your car in central Westminster and you have to pay £15 for 2 hours You know that you be less than two hours. You believe that the probability of being caught without a ticket is 20%, and the fine for not having a parking ticket is £95. Should we buy the parking ticket beforehand? Or take a chance that we won’t be caught?

Question Three:

a) You need an emergency plumber for a job that will take 2.5 hours. You have found two companies that charge different rates. Plumbers RUs charge a call out fee of £55 and then an hourly rate of £100 per hour. BBC Plumbing Services charge a call out fee of £100 and then an hourly rate of £70 per hour. Both companies round up their charges to the nearest hour. Which company is the cheapest? Briefly comment on your answer.

b) Given that TR = 30q and TC = 22500 + 15q then what is the value of total revenue at the breakeven point?

c) We purchase a TV for £275 inc 20% VAT. How much VAT did we pay?

d) Suppose you deposit an initial amount of £10,000 into a savings account, which promises to pay you interest of 3.2% per annum. Calculate the value of your investment after 8 years:

(i) When compounding is done annually.
(ii) When compounding is done on a quarterly basis.
(iii) When compounding is done on a monthly basis.
In each case write your answer as a decimal, correct to 2 decimal places

From the following customer feedback and by using ABC_CW_Data Excel file, answer only questions A1, A5a, B2 and C1. Produce table, charts, descriptive statistics and comment briefly on your finding.