Household Savings in a Cross-section of Households During the Year 2020 - Economics Assignment Help

Assignment Task

Task    

Important:  Please check online for a conversion to your local time if you will be undertaking your assessment outside the United Kingdom. You will be provided with an individualised data set. Your data set is unique to you. You must not use the data set of any other student for your Econometrics Exercise. In this Exercise your task is to examine how different variables can be used to help explain household savings in a cross-section of households during the year 2020.
The variables in your data set are:
• sav: household savings from income during the year (in £10,000s);
• age: the age of the head of the household at the end of the year (in years);
• nchild: the number of children (aged 17 and under) in the household at the end of the year;
• inc: household income during the year (in £10,000s);
• grad: a dummy variable which equals 1 if the head of the household is a graduate and 0 otherwise; and,
• hols: the number of holidays taken by the household during the year.

1. (a) For each of the variables, what is the average, the standard deviation, the minimum value, and the maximum value in your data set?
(b) What is the number of observations in your data set?
2. (a) Calculate the correlation coefficient between sav and inc. Is there a strong relationship between these two variables?
(b) Construct a graph that plots savings (on the vertical axis) against income (on the horizontal axis). Does the visual evidence support your answer in part (a)?
(c) Generate a histogram for savings. Comment on the distribution of saving

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