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ETC1000 - Business and economic statistics - S2 2025
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What is the upper bound of the confidence interval?
(Report as a percentage to 2 decimal places, e.g. 12.12%)
What is the sample size?
A sample of voters has been asked to rank two political leaders as to their appeal on a continuous scale of 0 to 10 (0=very unappealing, 10=very appealing). The probability density function of the results is shown below. Select the best interpretation of these results.
In the picture below there are two distributions for separate countries. The distributions represent the height of girls at age 18 measured in metres. Select the answer which best interprets these results.
A sample of voters has been asked to rank two political leaders as to their appeal on a continuous scale of 0 to 10 (0=very unappealing, 10=very appealing). The probability density function of the results is shown below. Select the best interpretation of these results.
In the picture below there are two distributions for separate countries. The distributions represent the height of girls at age 18 measured in metres. Select the answer which best interprets these results.
Calculate the ratio of the annual mortgage payments to household income that is required to service a mortgage given the prevailing house price and interest rates.
The value in cell "H2" is 0.63. What does this mean?
Instructions:
(1) In cell "H1" write "Mortgage Payments to Income". In cell "H2" use the "=PMT(rate, number of periods, present value)" function in Excel to calculate the annual mortgage payment.
The PMT formula calculates the payment each year in order to pay off the whole loan over a 30 year period. The interest rate needs to be entered as a decimal so we divide by 100. We put a minus in front as PMT produces a negative value because it is a payment. We divide this value by income to determine the proportion of income that is required to pay the mortgage. Use the following formula in cell "H2":
"=-PMT(E2/100,30,B2)/D2"
(2) Drag this formula down to the end of the column. Do this by double clicking on the bottom right of the cell "H2" when the cursor makes a black plus sign.
(3) Plot the resulting series. Highlight your column of mortgage payments to income, go to the "Insert" tab then "Charts" and choose a line chart.
Given the investigation you have undertaken in Q15 - Q19, what do you conclude about how housing affordability has changed over the period examined?
What is the interpretation of Mortgage Payments to Income?
Calculate a series which shows the real change in Melbourne house prices over this period. What is the interpretation of this series?
Instructions:
(1) In column "F" title this "Real House Prices" and write a formula in cell "F2" which is equal to house prices divided by the CPI, and then multiplied by 100 (we need to multiply by 100 because the baseline CPI is equal to 100 in the last period).
(2) Drag this formula down to the end of the column. Do this by double clicking on the bottom right of the cell "F2" when the cursor makes a black plus sign.
(3) Plot the resulting series. Highlight your column of real house prices, go to the "Insert" tab then "Charts" and choose a line chart.