PACC6008- Business Decision Making

Task

Guidelines

Purpose: The purpose of this assignment requires you to understand the population & sample, identify the variable type, produce and interpret descriptive and inferential statistics and employ various graphical techniques to conduct quantitative research.

Question 1

Suppose Economics Web Institute conducted a research on US workers’ wage in 2018. They sent out a survey to a random sample of 536 workers and collected various information of them, including wage, occupation, sector, union, education, work experience, age, sex, marital status and living location. The data is reported in the Wage.xlsx data file.

(1) What is population Economics Web Institute is interested in?

(2) Use Microsoft Excel to conduct and present the appropriate graphic and descriptive analysis on two variables: wage and education, interpret the results, and prepare a report.

(3) Suppose Economics Web Institute also conducted the same survey in 2017, the proportion of workers with tertiary education was 0.45. They would like to know if this proportion has increased.

What is the appropriate statistics used here to test it?

What are the null and alternative hypotheses for this test?

Produce the test results using Microsoft Excel, interpret it and make a final conclusion.

(4) Suppose Economics Web Institute also conducted the same survey in 2017, the average wage per hour was $30/hour. They would like to know if the average wage in 2018 is different from that in 2017.

What is the appropriate statistics used here to test it?

What are the null and alternative hypotheses for this test?

Produce the test results using Microsoft Excel, interpret it and make a final conclusion.

Question 2

Suppose you want to buy a three-bedroom property in Sydney and you are interested two main suburbs (Suburb 1 and Suburb 2) but you don’t know which one has higher average price.

So you determined to do a research and see whether there is a significant difference of market price in these two suburbs. You are required to:

(1) Randomly select a sample of 40 properties in Suburb 1and another 40 properties in Suburb 2 and record their market prices. Thus, a total of 80 observations are recorded in your dataset. (Please see the data format attached the last page)

(2) What are populations you are interested in?

(3) Conduct your analysis using HYPOTHESIS TESTING AND ESTIMATION method.

 Note: Check the conditions for the test identified.

(4) What conclusion you can make from the results for your decision making?