BUSS101 Business Statistics Assessment

Unemployment and Inflation are two important economic indicators of economic progress.
First, unemployment refers to the share of the labour force without work but available for
and seeking employment. The unemployment rate is calculated as a percentage of the
unemployed labour force out of the total labour force (national estimate). It signals the
economy's health regarding job market opportunities and economic activity. Moreover,
Inflation is a critical indicator of economic performance because it measures how the
purchasing power of incomes changes over time. Time-series data on Australia's
unemployment (male), unemployment (female), unemployment (total), and price level
(Inflation, consumer prices (annual %) from 1981 to 2020 is given in the attached excel sheet.
Use this data to answer the following questions.

• Calculate the summary statistics (highest, lowest, median, mean, range, variance, and
  standard deviation for:
  • The unemployment rate in Australia (male, female and total) and Australian price level using data from 1981 to 2020.
  • b. Split Australia's unemployment (male), unemployment (female), and unemployment (total) data into decades and calculate the mean values for each.
  • Compare the decade-wise mean values for unemployment (male), unemployment (female), and unemployment (total) using any appropriate graph (construct only one graph combined all).
  • Provide empirical evidence on the differences in the unemployment rates (male, female, and total) across various decades (use the graph (part c) to link with this discussion).
  • Construct the histogram for the unemployment rate in Australia (male, female and total) and the Australian price level. Compare and contrast the data distribution and interpret the histogram's shape in each case separately.
• Calculate a simple index showing a change in unemployment total and price level from
  1981 to 2020, using 2000 as the base year. What conclusions can you draw from the
  results?
• Draw a scatter plot with a trend line using:
  • Price level and unemployment (total
  • Price level and unemployment (male)
  • Price level and unemployment (female)

Is there any relationship reflected between the two variables in each case? Explain why or
why not.
You will present your findings in the form of a report. The report should have the following
at minimum:

1. Title page.
2. Abstract/Executive Summary.
3. Table of Contents.
4. Introduction.
5. Body.
6. Conclusion & Recommendation.
7. Appendices.
8. List of References.

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