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Statistic for Business and Finance

In: Business and Management

Submitted By jennylatrobe
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School of Business Report on
“The Weekly Income, Weekly Expenditure on Food and Family Size of a sample household”

Submitted to:
Ahmad Idrees
Tutor on FIN5SBF
Submitted by:
Bui Thi Bich Hien
Word count: 591 words

Melbourne, August 25th, 2014
The Weekly Income, Weekly Expenditure on Food and Family Size of a sample household
A sample of 45 households which was selected randomly from a population of 500 households, showed 5 variables including Weekly Income (WI), Weekly Expenditure on Food (WEF), Highest Level of Education (HLE), Family Size (FS) and Gender of the Head of Household (GHH). This report will provide descriptive statistics and summarize the distribution of WI, WEF and FS. In this report, WI, WEF and FS were grouped equally into 7, 8 and 5 intervals respectively in order to summarize the frequency distribution presented in the Appendix C. In terms of WI, the incomes of the wealthiest and poorest households were $1336 and 195$ per week respectively. In addition, the vast majority of households (71.11 percent) earned from $195 to $358 per week as shown in Table C1. On the other hand, the WI which ranged between $684 and $1010 had only one frequency. At a higher level of income, there were only 4 out of 45 households obtaining from $1010 to $1336 weekly. This distribution of income led to the right skewed and unimodal of WI histogram (Figure C1). Furthermore, Table D1 indicates that the average WI of a household was about $408 and less than half of households attained $296 per week. Subsequently, $256 was the majority amount earned by households a week. The average variation of WI was approximately $281.11 while relative importance variation average WI was nearly 68.94%. The information which was 25% of households had a WI less or equal than about $244.5 and the top 25% was practically $444, was illustrated in Table D1 as well....

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