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Business Economics and Data Analysis

ECON505

Assessment 1: Individual report

SEMESTER TWO 2022

Part 1: Short answer questions (Word document) (10 marks)

1. Assess if each of the following statements are TRUE or FALSE and Explain your reasoning.

1.1. Data Analysis is a science of inspecting, collecting, summarizing data for making informed decisions.

1.2. In a given sample data set, the Mean or the Average is one of the numbers in the data.

1.3. The construction of a scatter plot begins with determining the frequency interval of the data component to the whole data set.

1.4. As Jack drinks additional cups of tea, the total utility and marginal utility from drinking tea increases.

1.5. The budget constraint of a consumer shifts closer to the point of origin if the consumer’s budget increases.

Part Two: Data Analysis and Visualisation and interpretation. Download Excel workbook for your data (Excel workbook) (40 Marks)

QUESTION 2.1. You are given data from OECD that depicts annual hours of free time per worker and GDP percapita for 2012 and 2013.

Task/Analysis

a. Choose any THREE countries from this list: example US + Netherlands + France for ANY ONE YEAR 2012 or 2013, and illustrate using scatter plot the relationship between earnings (vertical axis) and free time (horizontal axis) for each of the three countries you have chosen

b. Label all parts of the graph and ensure that the scatter plot identifies the chosen country.

c. Explain any trend in changes to working hours? Is there a change in working hours as GDP percapita changes?

QUESTION 2.2. The data in Excel workbook sheet 2 represents weekly wages for 100 workers.

Task/Analysis

a. Classify the wages into a frequency table.

b. Illustrate using a histogram.

c. Calculate Mean, Median and Mode for this data. Interpret your results.

d. Calculate the Standard Deviation. Interpret your answer.

Question 2.3. The data represents New Zealand’s export values in billions of dollars by country for the year 2019

Country	Export value in billions of $
China	5.13
USA	2.76
Australia	2.44
Japan	0.99
South Korea	0.71
Total	12.03

Task/Analysis

a. Use a Pie chart with percentages to illustrate the share of New Zealand’s Export destination countries.

b. What is the percentage share of New Zealand’s exports to Australia?

Question 2.4. The ages of seven employees of a local bakery shop are as follows:

Task/Analysis

a. Calculate the mean, median and mode of the employee’s age.

b. How would these three measures of central location be affected when the oldest member retires.

Part 3: Consumer Choice Theory (Word document) (50 marks)

Question 3.1. The following table shows a consumer’s marginal utility for two goods X and Y that she consumes. The consumer’s income is $10 and price of X=$2 and price of Y=$1

Marginal Utility schedule
Quantity X	Total Utility	MUx	Mux/Px	Quantity Y	Total Utility	MUy	MUy/Py
0	0			0	0
1	10			1	5
2	16			2	9
3	20			3	12
4	22			4	14
5	22			5	15

Task/Analysis

a. Complete the columns of marginal utility of the two goods X and Y.

b. Complete the columns of ratios of marginal utilities to price for the two goods X and Y.

c. How much will the consumer spend on each good at the utility optimising combination?

d. Calculate the total utility of this consumer at the utility optimising combination.

Question 3.2. Hannah has an income of $1,200 per month. She spends all this income on purchasing two goods, petrol (Y)and food (X). The cost of fuel is $3.00 per unit and food costs $6.00 per unit.

Task/Analysis

a. Solve for Hannah’s Budget constraint. Illustrate the budget constraint by placing petrol on the vertical axis and Food on the horizontal axis.

b. What is the slope of the budget line? Explain

c. Following on from (b) assume that Hannah’s optimal consumption bundle (OCB) contains 150 units of food. Calculate her OCB and add this to your illustration appropriately.

d. Assume Hannah likes a consumption bundle of 150 food units and 120 petrol units. Is this an affordable combination? Explain your answer.

QUESTION 3.3. A consumer has the following indifference map for two goods: slices of Pizza and movie rentals:

Of the labelled points on this indifference map, indicate the following:

a. Unaffordable bundle/s:

b. Affordable bundle/s:

c. Rank the bundles, ranging from most preferred to least preferred:

d. Identify the optimum consumption bundle:

e. Explain the condition that must be satisfied when identifying the utility optimal consumption bundle:

Question 3.4. Mona’s preference for clothing (x) and food (y) are derived by a utility function

Where Clothing (X axis) is $6 per unit and Food (Y axis) is $8 a unit. Mona has $120 to spend on food and clothing.

Task/Analysis

a. Write Mona’s Budget constraint function.

b. Calculate the price ratio of the budget constraint?

c. What is the maximum quantity of clothing Mona can purchase give her income constraint?

d. On Excel, graph Mona’s budget constraint placing Food on the vertical axis and Clothing on the horizontal axis.

e. Mona is a utility maximising consumer. Solve for her optimal consumption bundle using the Solver function in Excel.

f. Specify the total utility at this optimal consumption bundle.

g. Add this utility value and create an indifference table.

h. Add this information to the graph in Q3.2. (d)

i. Copy and paste this diagram of BC and IC to the word document

QUESTION 3.5. The graph below illustrates the two goods in this problem: free time and consumption

t = hours of free time, (16 hours of free time) on the horizontal axis, and consumption in $ (c) on the vertical axis. You expect to earn a wage of $21 per hour.

You are given the following Budget Constraint function

BC;