Help me with Economics Calculations

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Economics Assignment Help

Use Excel to produce a Frequency Column Chart (4 marks) and a Relative Frequency Pie-Chart (3 marks) for your sample to show the number and proportion, respectively, of each building type.

 

Use these graphical summaries to answer the following questions:

(a) How many properties in your sample consist of brick buildings? (1 mark)

(b) Which building type occurs most frequently in your sample? (1 mark)

(c) What proportion of properties in your sample consists of weatherboard buildings?

                                                                                                                          (1 mark)

Task 3 (10 marks)

 

(a)  Use Excel to sort your sample ''Sold Price" data and paste into your MS Word assignment document. (1 mark)

(b) Use the percentile location formula;

Lp = (n + 1) P/100 , and the three associated rules (1 mark) to determine:

 

(i) The 70. percentile. (1 mark)

                                                                                     Remember to show all working!

(ii) The first and third quartiles. (2 mark)

 

(c) Briefly explain what the 70. Percentile that you have determined informs you about your sample "Sold Price' data. (2 mark)

 

(d) Determine the Inter-Quartile Range of your sample "Sold Price" data and provide a brief explanation of what information this statistic provides about your sample data.

                                                                                                                      (3 marks)

 

Task 4 (15 marks)

 

(a) Use Excel to produce a Descriptive Statistics table for your sample "Sold Price" data and paste into your MS Word assignment document. (4 marks)

(b) Use results from Task 3 to determine manually for this data, the upper and lower inner fence limits;

                                 IFUL = Q3 + 1.5 x IQR (1.5 marks)            

                                                                                                    Remember to show all working!

And                          IFLL = Q1 — 1.5 x IQR (1.5 marks)

 (c)  Based on the limits calculated in (b), choose from the numerical summary measures provided in the Descriptive Statistics table, and/or measures calculated previously in Task 3;

  (i) an appropriate measure of central tendency, and, (1 mark)

 (ii) an appropriate measure of dispersion for your sample "Sold Price" data. (1 mark)

Provide a brief explanation of the reasoning behind your choice in both cases. (1 mark)

(d) Write a brief report on the "Sold Price" data paying particular attention, on the mean, median, quartiles and measures of variation. (5 marks)


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