AFE135: Business Data Analysis - Sampling Method - Statistics Assignment Help

Assignment Task:

Task:

QUESTION 1
If you’re taking this course, you’re probably a student in an undergraduate commerce or business program. Your plan is to graduate, get a good job and draw a high salary. You have probably assumed that more education equals better job equals higher income. Is this true? To test this belief, a researcher plans to survey a sample of Australian adults.

A social survey recorded the data for two variables – annual income and years of education – to help determine whether education and income are related and, if so, what the value of an additional year of education might be. Perform the analysis by answering PARTS 1A-1D below.

PART 1A [4 marks = 1 + 1 + 1 + 1 marks]
Briefly explain for the above problem (using no more than 300 words in total for this PART 1A)
(a) What type of survey method the researcher could use and why?
(b) What sampling method could the researcher use to select the sample and why?
(c) What are the most important variables the researcher should consider collecting data for the purpose of this analysis and why? Identify the data type(s) for the variables.
(d) What kind of issues the researcher may face in this data collection?

Suppose the researcher collected data from 1200 randomly selected Australian adults. For each adult, the annual income (in $) and the number of years of education were recorded. The data are stored in file INCOME.xlsx. Using this data and EXCEL, answer PARTS 1B-1D below.

PART 1B [5 Marks = 1 + 4 marks]
First, the researcher wishes to use the graphical descriptive methods to present the data.

(e) The number of observations (N) is 1200 families. Calculate the approximate number of classes (K) the researcher should use to construct a histogram for each variable.

(f) He suggests using class intervals such as 0-2, 2-4, 4-6, .... 22-24 for the Years of Education and class intervals 0-15000, 15000-30000, 30000-45000, .... 150000- 165000, for Income. Use appropriate BIN values from these class intervals to draw a histogram for each variable, draw the frequency polygon and comment on the shape of the two distributions.

PART 1C [6 Marks = 3 + 2 + 1 marks]
Second, the researcher wishes to use the numerical descriptive measures to summarize the data for the two variables Income and Years of education.

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