Analysis On Economic Stability Samples †MyAssignmenthelp.com

Question: Examine about the Analysis On Economic Stability. Answer: Presentation The paper directs an examination on monetary security. Microeconomic steadiness suggests dependability in a solitary market while macroeconomic soundness implies security in some significant pointers. A steady economy is characterized as one that figures out how to limit helplessness from outside stuns. In a solitary market, value fills in as an imperceptible hand to look after dependability. Australia is one of the created countries depending available based choice. Current dependability of the Australian economy is prime worry of this paper. Gross domestic product and value level patterns and comparing government arrangements identified with soundness are talked about. Strength Analysis The above figure clarifies strength alteration instrument with the powers of interest and flexibly. Point E characterizes the standard balance position acquired from winning interest and gracefully condition (Kreindler Young, 2013). Point E involves P* as harmony cost and Q* as balance amount. Any deviation from E, on the off chance that rings back harmony once more, at that point E is characterized as a steady balance. Consider the deviation of cost from the balance cost. Lets consider cost increments from P0 to P1. At this value, providers in the market flexibly a bigger amount, QS1. The purchasers then again request a less amount, QD1. At value P1 the market will have an overabundance flexibly. To coordinate flexibly with request cost must be decreased to balance level. Presently assume value diminishes to P2. Lower cost urge purchasers to request more, request ascends to QD2, Supply will decrease at the lower cost and become QS2. At value P2, there exists an abundance request. He re, cost will increment to achieve the balance level (Boland, 2014). In this manner, cost is the primary change instrument for reestablishing soundness. Intercession of the Government Government is a focal power that makes appropriate strides at whatever point the economy is in danger. Soundness for the general economy can't be kept up as effectively as portrayed previously. Total interest replaces the individual interest bend and total flexibly replaces singular gracefully in macroeconomic investigation (Ball, Sadka Tseng, 2016). Total flexibly and total interest together decides yield and value level. In any case, the economy doesn't generally stay stable self-rulingly. At that point government intercedes in the market utilizing financial and fiscal approach apparatus. Monetary arrangement instruments are tax assessment and government consumptions. Cash flexibly is the main device utilized under fiscal arrangement. Both are request sided arrangements and works through its countercyclical impact on total interest (Corsetti et al., 2013) Australian Economy: Stability Scenario: The economy of Australia can be named the free enterprise economy. The legislature of Australia assumes a job of director instead of going about as the controller. The financial choice of the Australia isn't dependent on the brought together strategy for arranging rather it is progressively dependent on the interest and flexibly calculates present the market (Rader, 2014). The providers regularly take the valuing choice that shapes the establishments of value elements in the residential and abroad market. In spite of the fact that a definitive intention is to boost benefit anyway consumer loyalty likewise frames a significant basis. The Australian economy dependability can surveyed with the assistance of measurements acquired from the GDP in the ongoing years. The above characterized measurable figure speaks to that the Australian GDP development rate over the range of six years has stayed steady. Regardless of the various varieties, the varieties in GDP doesn't speaks to an enormous decrease with the Australian GDP has been on slow increment from 853.76 billion USD in the financial year 2006 to 1204.62 billion USD for the year 2016 (Tradingeconomics.com, 2017). The information got from the GDP development rate speaks to a fairly better monetary development in any case, following the year 2013 where Australia recorded a most elevated GDP development pace of 1567.18 billion USD; the GDP of Australia has to some degree not had the option to rehash that exhibition. The common generally speaking value level of Australia mirrors the strength situation since varieties in the value level essentially adds to the deviations in balance. The predominant pace of expansion mirrors the changing parts of value levels of a country. As apparent from the above expressed figure, it very well may be learned that the swelling pace of Australia, like GDP, is comprehended to be consistent and sensible. Regardless of the periodic varieties, there has not been any examples of huge vacillations in swellings. Strategy Framework: On the occasion of financial variances each country utilizes various instruments so as to balance out the economy, they are to be specific; Programmed Stabilizer: A programmed stabilizer utilizes the assessment and use structure of the legislature. The strategy speaks to a counter cyclic technique of affecting the total interest in an economy without making an impact on the treasuries of the administration (McLean, 2012). With the assistance of this device, changes in financial plan is made by transforming the shortfall into overflow. Programmed stabilizer apparatus likewise utilizes the duty structure CGT and GST in its framework to balance out the monetary conditions. Auxiliary Stabilizer: Structural Stabilizer involves the presenting the adjustments in the budgetary circumstances alongside the adjustments in the structure of assessment, presenting new structures of tax collection and costs having sway on the total interest in an economy (Rios et al., 2013). Auxiliary settling arrangements are embraced on the occasion of serious financial changes, when programmed stabilizer neglects to present balance in economy. End: To finish up with, it tends to be expressed that the strength balance is accomplished when an economy comes back to the ordinary balance level. Concerning the above characterized ideas an attestation can be advanced by expressing that Australian economy is dependent on advertise elements to achieve soundness. As of now, Australian economy can be named the steady unique balance economy. On the occasion of varieties, the administrations solid monetary strategies and instruments of administrative structure can reestablish the dependability of the economy. References Australia GDP | 1960-2017 | Data | Chart | Calendar | Forecast | News. (2017).Tradingeconomics.com. Recovered 22 September 2017, from https://tradingeconomics.com/australia/gross domestic product Ball, R., Sadka, G., Tseng, A. (2016). Total Supply and Demand Shocks and Asset Prices. Boland, L. A. (2014).Methodology for a NewMicroeconomics (Routledge Revivals): The Critical Foundations. Routledge. Corsetti, G., Kuester, K., Meier, A., Mller, G. J. (2013). Sovereign hazard, financial approach, and macroeconomic stability.The Economic Journal,123(566). Kreindler, G. E., Young, H. P. (2013). Quick intermingling in transformative balance selection.Games and Economic Behavior,80, 39-67. McLean, I. W. (2012).Why Australia flourished: The moving wellsprings of monetary development. Princeton University Press. Rader, T. (2014).Theory of microeconomics. Scholarly Press. Rios, M. C., McConnell, C. R., Brue, S. L. (2013). Financial aspects: Principles, issues, and strategies. McGraw-Hill.

Nature of the Al

Set up an outline of the Banking Sector of INDIA. Notice your sources - Essay Example This has prompted rivalry and produced new degree of desires among the buyers. The Reserve Bank of India (RBI) is the national bank of the nation and it intently screens the improvements in the money related part. The financial part is overwhelmed by Scheduled Commercial Banks (SCBs) including 27 Public Sector Banks (PSBs), 31 Private, 42 Foreign and 196 Regional Rural Banks as of March 2002 (Research and Markets, 2009). Also, there were 67 booked co-usable banks comprising of 51 planned urban co-usable banks and 16 planned state co-employable banks. State Bank of India (SBI) is the biggest bank in India with a piece of the pie of 20 percent while ICICI is the second biggest bank in India. The business banks incorporate the previous advancement money related organizations (DFI, for example, the ICICI and the IDBI. The business banks have on their books extremely long-span GOI protections with certain banks holding as much as 45 percent in these protections (Mor, Chandrasekhar and Wahi, 2005). The GOI and the RBI together immediate and administer the working of the banks (Ravichandran, 2003). The activities or the improvement bundle by the GOI has changed the financial business which reflects in the critical development in the financial part as concentrated by Dun and Bradstreet, a global research body. Considering all banks of India, starting at 2009, there are 56,640 branches or workplaces, 893,356 representatives and 27,088 ATMs (IBEF, 2009). Open area banks rule the business including 87.7 percent everything being equal, 82% of staff and 60.3% all things considered. As on second January 2009, the total bank stores remained at 21.2% while the boycott credit contacted 24% against 21.4% as on January 4, 2008. There has additionally been an expansion in the absolute progression of assets from the financial part to the business area which remained at US$ 58.83 billion up to January 2, 2009. Credit extension shifts across bank gatherings.

Minimalism As a Lifestyle

Minimalism As a Lifestyle The Real Concept of Minimalism and the Way We Are Affected by It Home›Informative Posts›The Real Concept of Minimalism and the Way We Are Affected by It Informative PostsPeople misconceive minimalism thinking of it as just possessing not too many things. What is minimalism, then? In fact, minimalism means having an opportunity to be happy. True happiness does not mean buying expensive things, but finding what is really appealing to you and doing the things that are important to you.The Real Meaning of Minimalism Lies in the Following IdeasTo start with, appreciating oneself starts by getting rid of unnecessary things. What really matters for an individual is his/her ability to reach his/her goals. What is more, the real meaning of minimalism is quite different from the generally accepted concept. Possessing too much you have difficulty in recognizing really valuable things. Finally, you should remember you are more valuable than any material stuff. There is not a thing in the wo rld which has a higher value than you.Benefits of Minimalism Are Difficult to OverestimateIf you live a minimalistic life, your life is filled with the things that help you feel your life complete.Productivity at Work Increases with MinimalismTo solve any problem becomes an easy task for you if you learn to carry out any work as simply as possible.Making Decisions Is No Longer a ProblemIf you simplify the process of making a decision, you are likely to get rid of related stress being able to deal with any objective.Living a Minimalistic Life Allows Saving MoneyThe concept of minimalism lies in using exactly the amount you require. Such an attitude allows you to set aside.Maximalism and Minimalism Are Not Easy to BalanceBoth minimalism and maximalism lifestyles have their pros and cons. It is up to an individual to consider living any. A minimalist lifestyle is associated with clearness, while maximalists value global things.Consider Living a Minimalist Lifestyle?Follow these tips to make sure your lifestyle is minimalistic. Do not hurry up, but make small steps to ensure the sustainability of your minimalism. Change your attitudes. Minimalism does not come from outside, it is the disposition of your mind. Forget about the things that do not concern you directly. They are no longer your business. Count on the things you possess. Are there more than one hundred of them? Living a minimalist lifestyle needs less.It Is Not Easy to Be a MinimalistIf you consider taking up a minimalist lifestyle, struggle with the desire to want and need. The main idea of minimalism is understanding your real personality but not just throwing away your belongings. Find a role model to follow the example, and you will see that being a minimalist is really associated with being successful and happy.

How Do We Know and What We Know Essay - 734 Words

Knowledge may be socially constructed on the basis of language used to describe it. Knowledge has purpose beyond the more transfer of information or facts. Member of an army engaged in a war usually know that their cause is right and that of the enemy is wrong. there cause are differ. Thus, knowledge can be perceived as true or false because of its source. Soldiers follow their officers, children follow their parents and citizens follow their law - makers because they know that orders from these with the relevant authority are to be obeyed. Language, shapes what we see and what we know. One acquires language, with a social environment, one learns to use different sorts of language in different situations. Vocabulary and†¦show more content†¦Western social scientist studies relation between their form of knowledge and religions knowledge, sometimes religion was even opposed to science and progress. Social scientist are more concerned with how religions knowledge is produced and affect peoples lives than they are with questions of the inherent truth or falsity of be belief. Some new social movements in the 60s and 70s in Europe and the USA crossed the boundaries between politics, religion and science (fore example the womens movement challenged particularly and its orthodoxies in tradition politics, medicine and health care and in the established church and in organized religions. The development of a scientific method of inquiry began in the age of Enlightment. This approach was increasingly influential in many parts of world. The claims of science and faith become a feature of the modern - world society. Knowledge is socially constructed perhaps on the basis of faith - teaching or in terms of what scientist call first principles. The scientific method aims to maintain the impartiality of the inquirer in both the identification of evidence and its assessment; this can be show in the circuit of knowledge. (Figure 2.1) (It begin with questions then claim, evidence and finally with evolution). Most social scientists would claim either to endeavor to minimize the influence of value on their work, orShow MoreRelatedWhat Is Inside The Skin, And How Do We Know About It?1429 Words   |  6 PagesSkinner wanted to seek and understand all behaviour with organisms; â€Å"what is inside the skin, and how do we know about it?† (Skinner, 1974, p.218). His philosophy stated that there was an interaction between the evolutionary or biological history and environmental interaction with the organism (Skinner, 1953). This lead on to the three basic assumptions to the philosophy of radical behaviourism. The first is that private events such as thoughts and feelings can be described as behaviours; secondlyRead MoreHow Advertising Works: What Do We Really Know?2905 Words   |  12 PagesHow does advertising work? Introduction Advertising is a very important tool in order to make sure a product will be sold and to make sure a company is earning money. It is also one of the most important tools in order to get customers to buy a product or want a service. Ineffective advertising can not only cost the company a lot of money but it can even have a negative influence on the image customers have on a product or brand. So how to set up an effective and positive advertisement is somethingRead MorePlato s Theory Of Recollection1373 Words   |  6 PagesThe general topic is Plato’s theory of recollection. Is Plato’s Theory of Recollection the plausible solution to Meno’s Paradox of Knowledge? Throughout many of his dialogues Plato often concludes that we cannot know something through our senses. He often concludes that we became acquainted with our knowledge in a previous existence. In Meno, Socrates states that, â€Å"As the soul is immortal, has been born often, and has seen all things here and in the underworld, there is nothing which it has not learned;Read MoreIs Plato s Theory Of Recollection A Plausible Solution For Meno s Paradox Of Knowledge?960 Words   |  4 PagesKnowledge? The general topic is Plato’s theory of recollection. Is Plato’s Theory of Recollection the plausible solution to Meno’s Paradox of Knowledge? Throughout many of his dialogues Plato often concludes that we cannot know something through our senses. He often concludes that we became acquainted with our knowledge in a previous existence. In Meno, Socrates states that, â€Å"As the soul is immortal, has been born often, and has seen all things here and in the underworld, there is nothing whichRead MoreShould Have A Spiritual Realization?1221 Words   |  5 Pages/ Would have What can one do to have a spiritual realization? I don’t know what you can do. I only know what I can do. I don’t know what anyone should do. Perhaps there is nothing you should do, and thinking there is confuses us to the point that we don’t know what to do. There is certainly something you could do; even so, I don’t know what that is. When you know what you can do, then you’ll know what you could do, and what to do. Those who can, do what they can. What they do is personal andRead MoreThe Truth Behind Jfk s Assassination1510 Words   |  7 PagesKennedy on November 22nd,, 1963. Many argue that we will never know the complete truth of what happened that day, and to an extent that is true. Peter Ling, author of the article â€Å"Killing Kennedy† argues that because of the ill performed and confused investigation of the assassination, too many details have been lost for us to ever find out the entire truth about the events that took place that day. There are others who believe that the evidence we already have is sufficient, even if some was muddledRead MoreThe Scientific Study Of Epistemology817 Words   |  4 Pageslike me, science is a fact; but â€Å"how did it get in that way?† And, â€Å"how do we know that we know?† These fundamental questions are part of the scientific study of epistemology. Epistemology describes the nature and scope of science, it is known as â⠂¬Å"theory of knowledge†, and it is fundamental to any learning. In this assay I will focused on scientific epistemology, and how several authors have tried to answer the questions: â€Å"What is knowledge?† And â€Å"How do we know?† Philosophy and science get intoRead MoreThe Truth Essay548 Words   |  3 Pages How can we define truth when we don’t even know the interpretations of what truth is? What I found very interesting was this quote Half of a truth is not the Truth. I believe that when we tell the truth we never tell 100% of the truth. We might be embarrassed about the whole truth or maybe we just don’t want to tell how we handled the situation so we remove our part or change our part from the truth. Telling the truth is hard, we never know how the oppositeRead MoreShort Essay : What God Expects From A Man856 Words   |  4 PagesWhat God Expects From A Man Well, thank the Lord that all you brothers are here this morning; its an absolute delight to be in the house of the Lord this morning. The Bible says how good and pleasant it is for brothers to dwell together in unity. We all have common, similar problems. We may not like to admit it, but every one of us has issues and challenges that we deal with on a daily basis, and the first thing we have to do is admit that we have challenges, especially for those who are marriedRead MoreThe Philosophy Of Pessimism And Skepticism1328 Words   |  6 PagesHow do we know things for certain? How can I be certain of the things I consider to be true? The only way we can know things for certain is through doubting the things we think we know, also known as skepticism. In this paper I will argue that skepticism is the best way to know things for certain because it acknowledges the presence of cognitive dissonance, self-justification and the things we can learn by questioning. I will proceed as follows: I will outline the concepts of skepticism, according

freeaw Not Ready for Freedom in Kate Chopins The Awakening

Not Ready for Freedom in The Awakeningnbsp;nbsp;nbsp; In Kate Chopin’s The Awakening, the main character, Edna Pontellier makes a very long, painful journey into her inner self. At the end of this journey she discovers that she is not strong enough to adopt a life in which a woman is her own woman and lives for herself. This forces her to choose the only other option available to her. I think the propriety with which Edna struggles (and most often gives in to) as she begins to discover who she is and what she wants creates a thick, almost suffocating atmosphere of tension. So much so that I was relieved that she decided to take her own life, as it had evolved into a torturous existence. I thought it unfair that Edna was†¦show more content†¦Edna has the â€Å"fortune† to be considered the â€Å"sole object† of her husband’s â€Å"existence.† This is at best confusing, since Mr. Pontellier spends the greater part of his time exiting: for work, Klein’s hotel, etc. It stands to reason that Edna would develop a resentment toward this man who claims to cherish her to the point of obsession, yet performs a ritual â€Å"leaving† as if it were second nature.It was interesting to note that Edna and Leonce had only been married six years---one usually perceives an â€Å"awakening† to occur in conjunction with a â€Å"mid-life† crisis of sorts, and Edna and Leonce were young, vibrant people with small children. This story is set in New Orleans, Louisiana (and surrounding parishes), and although Louisiana is certainly the Deep South, there are many differences, many cultural nuances that are peculiar to Louisiana alone. I believe these cultural influences play an important role in the â€Å"awakening† of Edna Pontellier. Creole women (and men) live by a different code than other inhabitants of Louisiana, and the entire Deep South, for that matter.. Creole culture is bound by a lust for life. â€Å"Le bon ton roulle† (let the good times roll) is an often heard phrase in Louisiana. I was born in New Orleans, but grew up in Mobile, AL, 150 miles away. I was keenly aware of the significant differences in the cultural attitudes of Mobile and New Orleans. Visiting New Orleans constantly only strengthened the pull and fascination the

Economics - 1537 Words

| Assignment 2 | The Fiscal and Monetary Policy and Economic Fluctuations | | | 12/1/2013 | | An economy is the wealth and resources of a country or a region. Economy mainly refers to the consumption of goods and services in a specific country or region. The United States of America is known across the entire world as having the largest economy. The economy in the United States today is now where near what it was many years ago. The current economic situation has the country trying to regain its high economic status. The United States economy is really not good in its current state, but somewhat better than it was five years ago. Many people are not aware of the problem that we have in this country. I think that†¦show more content†¦(www.latimes.com) In an effort to boost the drowning economy, the federal government determined that the need was greater for the credit situation than the savings situation. (www.latimes.com) According to an article in the L.A. times, corporate America has earned more today than they did at the end of 2008. I think that inflat ion is a problem today for sure. The main problem with inflation in the United States is the rising costs of rents and medical supplies and expenses. â€Å"Inflation is sustained increases in the average prices of all goods and services.† (Osullivan) Today inflation has caused increases. According to the report on the Consumer Price Index (CPI), consumer prices were up 0.1% effective August 2013. (usinflationcalculator.com) The consumer price index measures changes in the price level of a market or basically how much we as consumers pay for goods and services in the United States. It is reported today that inflation is somewhat under control because the rate is less than 4%. I think that the housing inflation was worse five years ago compared to today. Consumers were losing houses due to unemployment and affordability. Many consumers had home loans and interest rates that they really could not afford. The prices of housing were much lower five years ago versus toda y. The prices of houses are higher now and people would need toShow MoreRelatedEconomics And Economics On Economics Essay1142 Words   |  5 PagesWhen we talk about economics we must first defined the word. Economics is a social science that studies human behavior and how to allocate our limited (scares) resources, efficiently and effectively to meet our unlimited human wants. Now as we dive deeper in to the field of economics we realized that there are two separate categories that the study of economics breaks off into. The first is macroeconomics, macroeconomics is the study of the whole picture when it comes to economics. Macroeconomics willRead MoreEconomics : Economics And Micro Economics1238 Words   |  5 Pages Economics is the study of how our unlimited demand of certain things can be met by our limited amount of supply. For instance, if there was an unlimited amount of money for everyone, then everyone would have everything they had always wanted and would not have to work to get the money. Everyone would have billion dollar homes and the nicest cars in the world. Unfortunately, we do have a limited amount of money, so the economists find ways to get around that. There are two types of economicsRead MoreEconomics : Economics Of Business1361 Words   |  6 PagesHND Accounting Economics FINAL REPORT: The Economics of Business DUE DATE: 20 May 2015 Catherine Macintosh 11006620 For the attention of Sarah Sutherland Word count: 1,243 (Excluding Acknowledgements, Abstract/Executive Summary, Terms of Reference, References Appendices TABLE OF CONTENTS Page 1.0 Costs 3 1.1 Total costs 3 1.2 Average costs Read MoreEconomics1291 Words   |  6 Pageshis profit. Do you agree? Use a graph to illustrate your answer. The argument is incorrect. As the graph shows, a reduction in marginal cost will cause a monopolist to reduce his price. 2. Economist Harvey Leibenstein argued that the loss of economic efficiency in industries that are not perfectly competitive has been understated. He argued that when competition is weak, firms are under less pressure to adopt the best techniques or to hold down their costs. He referred to this effect as x-inefficiencyRead MoreEconomics1444 Words   |  6 Pagesresource is inefficient it means the resources are not used in the best distribution by firms or organizations. An ETS is executed when the environment has been polluted and the government intervenes in order to control the pollution by providing economic encouragements towards the firms and organizations to reduce the amount of pollution emitted in the environment (Brown* 2001). When ETS is implemented it reduces the pollution of the environment caused by different firms thus making it its main goalRead MoreEconomics1654 Words   |  7 Pagesï » ¿1. What is the ‘economic problem’? The fundamental economic problem is related to the issue of scarcity. Scarcity means that resources are limited and short in supply in the world (e.g. diamond). Because of limited resources and unlimited demands, society needs to decide how much to produce and distribute these relatively scarce resources. The basic economic problem can be define as what to produce, how much to produce and for whom to produce. Some countries are lucky to have great naturalRead MoreEconomics999 Words   |  4 PagesManagerial Economics MIDTERM Exam What changes can you envision to the real economy, should Rifkin’s vision of a zero marginal cost society, become reality? For me, Jeremy Rifkin is a great social theorist. I’m mostly agreeing with him, with his conclusions and visions of the future economy. They looks like perfect and definitely it’s a â€Å"think big† way of delivering the information. His book â€Å"The Zero Marginal Cost Society† is must read, of course. Trigger is a zero marginal cost. I’m completelyRead MoreEconomics1000 Words   |  4 Pagesconsumer change, there will be a much greater change in the production output in the capital equipment required to make those consumer goods. This change in the production of capital equipment, that is , investment spending speeds up the rate of economic growth or slump Since we are focused on short-run business-cycle fluctuations here, it is reasonable to ignore changes in K/Y that may be associated with long-run advances in technology. 15 – 10 proportional to the level of output in t, Kt Read MoreEconomics1134 Words   |  5 PagesMF 7701 Managerial Economics Quiz #1 Fall 2014 Instructions: 1. You may work on this quiz alone or with as many other students as you wish. If you work with other students, please submit only one (common) answer. 2. You may not talk about this exam with anyone outside of the two managerial economics sections. 3. You may work with people from the other section if they are taking this course. In all cases, please submit only one, common answer. 4. You must e-mail your finalRead MoreEconomic Growth And Economic Development917 Words   |  4 PagesEconomic growth refers to an increase in the capacity for an economy to produce goods and services as compared from one period of time to another. It can be measured either in nominal terms which include inflation, or in real terms that are adjusted for inflation. It is mainly influenced by unemployment, inflation, technology levels, rate of investment, population growth rate, among other factors. These factors are used further to explain the differences in the varying level of output per capita

Applied Business Decision Models

Question: Describe about the Applied Business Decision Models? Answer: XYZ Apparel (for Tables A, B, and C, and Questions 1 to 15, inclusive XYZ Apparel, a division of TBJD Clothing, is alarge national chain of womens apparel stores.Data was collected for 100 in-store credit card transactions from all its stores during one day while a special promotion was run. An Excel file containing the data is posted on the Blackboard EMBA 633 002 course website on the Announcements page under the Exam1 announcement. For Tables A, B, and C, inclusive, enterthe numerical value of your calculated results for the specified statistics. Report your values rounded to two (2) decimal places into the spaces provide in the tables below. For the quantitative variables, calculate the mean, median, mode, and midrange of all the sampled data. Statistic # Items Net Sales ($) Age (years) Mean 3.22 77.60 43.08 Median 2.00 59.71 42.00 Mode 1.00 31.60 46.00 Midrange 9.00 150.41 49.00 For the quantitative variables, calculate the first quartile (Q1), third quartile (Q3), midquartile, interquartile range (IQR) of all the sampled data. Statistic # Items Net Sales ($) Age (years) Q1 1.00 39.60 32.00 Q3 4.00 100.90 50.00 Midquartile 2.50 70.25 41.00 IQR 3.00 61.30 18.00 For the quantitative variables, calculate the sample range (R), standard deviation (s), and coefficient of variation (CV) of all the sampled dat Statistic # Items Net Sales Age R 16.00 274.36 58.00 s2 7.49 3098.59 153.49 s 2.74 55.66 12.39 CV 84.97 71.73 28.76 For each of problems 1 through 15 below, enter your short responses below each statement. Report anycalculated results rounded to three (3) decimal places. What is the population that is being sampled? Customers buying XYZ apparel. a. Is the data for each quantitative variable discrete or continuous? Items is discrete while net sales and age is continuous What is the measurement scale of each quantitative variable? Ratio Of the sampled data: How old is a customer expected to be? Customer is expected to be between the age of 49 years How many items is a customer expected to purchase perin-store credit card transaction? Customer is expected to buy 9 # items. How much money is a customer expected to spend per in-store credit card transaction? Customer is expected to spend $ 150.41. In general: How old is a customer expected to be? Mean age is 43.08 years How many items is a customer expected to purchase perin-storecredit card transaction? Mean # items is 3.22 How much money is a customer expected to spend per in-store credit card transaction? Mean net sales is $ 77.60 How good is the calculated sample mean at representing (a) number of items purchased, (b) net sales amount, and (c) customer age?Briefly state why. To represent net sales amount and customer age mean can be used to represent the population as they are continuous variables while # items is a discrete variable with few extreme values which are influencing mean. How strongly should the mean(a) number of items purchased, (b) net sales amount, and (c) customer age be expected? Briefly state why for each. Mean should be used to represent age as midrange is close to mean while for # items and net sales there is lot of difference between mid range and mean. Also, it can be noticed that there are few high values for # items and net sales which influence mean to a greater extent. What is the most usual (a) number of items purchased, (b) net sales amount, and (c) customer age? M ost usual a) # items is 1, b) net sales amount is 31.60, c) customer age is 46.00 Suppose a customer spends $65. Is this a high or low amount? Briefly state why. We will test it through z-test - x=$65, = 77.60, = 55.66, n =100 z = (x-)//n = (65-77.60)/55.66/10 = -2.264 From z-table, p(z) = p(-2.264) = .0119 The p-value obtained is less than 5% level of significance, hence, the amount spend is low. Do the sample data for (a) number of items purchased, (b) net sales amount, and (c) customer age show high or low relative variability? Briefly state why for each. Age shows low variability with a value of 28.76% while # items and net sales shows high variability with values of 84.97 % and 71.73 %, respectively. For # items and net sales there are few high values which influence mean and causes variation. Are the data for (a) number of items purchased, (b) net sales amount, and (c) customer age skewed or not skewed? If skewed, which way?Briefly state why for each. All the thr ee variables # items, age and net sales are skewed to the right with most of the values bunched up towards right with mean greater than median. Describe the clustering of the inner half of the ordered data for (a) number of items purchased, (b) net sales amount, and (c) customer age. Briefly state why for each. Clustering = IQR/R 1) # items 3/16 = 0.187 2) net sales amount 61.30/274.36 = 0.223 3) age 18/58 = 0.310 Are there any outlier values of (a) number of items purchased, (b) net sales amount, and (c) customer age in the sample data (yes or no)? If yes, state the specific value or values which are the outliers. Yes. a) For # items 6 outliers are identified with values 9, 10, 13 and 17 b) For age one outlier identified is with value 78 yrs c) For net sales amount 5 outliers are identified with values $ 198.80, 229.50, 253, 266 and 287.59 Would you recommend using the midrange as an approximation for the expected (a) number of items purchased, (b) net sales amount, and (c) customer age? Briefly state why for each. Mid range can be used as an approximation for the customer age but not for # items and net sales amount as there is lot of difference between mean and mid range values for # items and net sales. Clothes R Us(Questions 16 to 21, inclusive) A sample of n = 22 in-store credit card transactions was collected for another TBJD holding, Clothes R Us. Sample statistics for the net sales amount have been calculated and the results are reported in the paragraph below. Per transaction, the mean net sales amount is $64.45 with a standard deviation of $21.15. The median net sales amountis $57.20. The sampled net sales amountshave no mode. The smallest amount is $19.08 and the highest amount is $218. Generally, how much money is a customer expected to spend at Clothes R Us? Customer is expected to spent $ 118.54. I s there relatively high or low variability in the sampled net sales amountsforClothes R Us? Briefly state why. Relatively low variability is observed with coefficient of variation of 32.816%. How strongly should the value reported for question 14 be expected for Clothes R Us? Are the sampled net sales amountsfor Clothes R Usskewed or not skewed?If it is skewed, which way? They are skewed to the right with mean greater than median. a. Are there any outliers in the sample of net sales amounts for Clothes R Us? If yes, which specific value or values are the outliers? Are the values identified in part b outliers for XYZ Apparel? Comparison of XYZ ApparelandClothes R Us (Questions 22 to 25, inclusive) Suppose a customer spends $65.87. For XYZ Apparel: Would this be about expected or unexpected? About unexpected Would this be a high or a low amount? We will test it through z-test - x=$65.87, = 77.60, = 55.66, n =100 z = (x-)//n = (65.87-77.60)/55.66/10 = -2.11 From z-ta ble, p(z) = p(-2.11) = .0174 As v alue is less than mean so this is a Low amount. Would this be usual or unusual? As the p-value is less than 0.05 level of significance so this is an unusual case. For Clothes R Us: Would this be about expected or unexpected? Unexpected. Would this be a high or a low amount? We will test it through z-test - x=$65.87, = 64.45, = 21.15, n =22 z = (x-)//n = (65.87-64.45)/21.15/22 = 0.315 From z-table, p(z) = p(0.315) = .6217 As value is greater than mean so this is a high amount but still comparable to mean. Would this be usual or unusual? As the p-value is greater than 0.05 level of significance so this is an usual case. Which of the two data samples for net sales amount is more variable, the one forXYZ Apparel or the one for Clothes R Us? Briefly state why. XYZ apparel as CV value is 71.73% which is quiet high as compared to low CV for Clothes R Us (32.82%) Which of the two clothing companies, XYZ Apparel or Clothes R Us, is genera lly more reliable as regards net sales amount? Briefly state why. Clothes R Us because it is less variable and the diffrenec between mean and median is also less. a. On average, which of the clothing companies, XYZ Apparel or Clothes R Us, is expected to have a highernet sales amount per transaction? XYZ Apparel On average, how much higher is the expected net sales amount? $ 31.87 Frequency Description for theXYZ Apparelsample (Questions 26 to 30, inclusive) Present below a frequency and relative frequency distribution for the net sales amounts for XYZ Apparel. Use the methodology presented and demonstrated in class. Class frequency percent 0-20 4 4.0 20-40 22 22.0 40-60 25 25.0 60-80 16 16.0 80-100 7 7.0 100-120 10 10.0 120-140 2 2.0 140-160 6 6.0 160-180 2 2.0 180-200 2 2.0 200-220 0 0.0 220-240 1 1.0 240-260 1 1.0 260-280 1 1.0 280-300 1 1.0 Present below the relative frequency histogram of net sales amount according to your distributions in part 23. On the basis of the distribution you made above in part 23: a. Is this distribution skewed or not? If it is skewed, which way? Skewed to the right Is your conclusion in question25.aconsistent with your result stated inquestion10? (Pick either yes or no.) If its not, explain why. Yes In general, as a class range of money, how much money is most typically spent at XYZ Apparel? $ 40-60 As a percentage, generally how typical is this most typical range? 25% Overall What assumptions did you have to make about the samples drawn for XYZ Apparel and for Clothes R Us to come to all of your conclusions so far on this exam. The data collected is random sampled and is normally distributed. (NEnd of Exam 1) References: 1) A Measure of Relative Variability. Available from: https://www.medialabinc.net/spg131067/a_measure_of_relative_variability.aspx [accessed on 19/02/2015] 2) Relative Frequency. Available from: https://www.mathsisfun.com/data/relative-frequency.html [accessed on 19/02/2015]