Key economic variables and evaluate the significance of alternative approaches

a) Identify appropriate measures of key economic variables and evaluate the significance of alternative approaches to collecting economic data.

b) Apply basic mathematical and statistical techniques to the analysis of economic data.

c) Interpret and present the practical results of interpretive analysis

Questions are listed below:

Question 1 (30 marks)

It is common knowledge that using statistics presents problems unless used carefully. As a user of statistics and as a skilled quantitative thinker, explain THREE main issues you need to be careful about when using statistics. Use three examples of economic data to illustrate your answers. (Each carries 10 marks) Word Limit: (300 words).

Question 2 (30 marks)

Calculations are needs to be done in Microsoft Excel and it is important they are put in the coursework correctly!

A local football club in Greenwich area aims to increase the number of under-10 boys and girls in its summer football training programme. A sample of 7 young footballers is collected from applicants and their ages are given below:

6

11

14

10

8

11

9

a) Calculate the mean (3 marks), median (3 marks) and standard deviation (4 marks). (10 marks)

b) Calculate Z scores (4 marks). Are there any outliers? If yes, which ones? (3 marks) Explain why it is important to identify outliers when interpreting economics data (3 marks). (50 words) (10 marks)

c) Based on the results in a) and b), what conclusions can you reach concerning the age composition? Word Limit: (200 words). (10 marks)

Question 3 (40 marks)

Assume that you are employed as an economist by your local transport company to interpret the results of a passengers? satisfaction survey. Identify the types of economic data that could be collected in such a survey. (20 marks)

Evaluate the importance of the data being collected using a probability sample. (20 marks) Word Limit: (350 words)

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