School of Economics
Undergraduate assessment brief
Unit: EFIM10024
Assessment’s contribution to unit: Contributes to a portfolio; the best 3 out of 5 assignments will
contribute 40% to the unit mark.
Release Date: 17/03/2023
Submission Date: 24/03/2023, 11:00am
Feedback Released: After the Spring vacation
Students are strongly advised to submit their work ahead of the deadline. Should you have a problem with submission
to Blackboard you should email [email protected] for guidance immediately.
For written answers, please type, and use Arial or Calibri font at 12-point.
For mathematical answers, you may hand-write the mathematics, but your assignment should be combined into
a single document and submitted in pdf format with a document name containing your student number.
You may include photographs or scans of your own hand-drawn, labelled diagrams or calculations.
Your answer will be assessed using the University Marking Criteria.
This is a piece of COURSEWORK that contributes to your Unit mark and you can:
Use resources to support you in completing your answer.
Draw upon a range of accepted resources including, your own notes, lecture slides/recordings, course material,
textbooks, journal articles, online resources. ALL work should be written in your own words.
Ask for help from your personal tutors or academic lecturers if you do not understand an aspect of the
coursework.
Broad discussion with your tutors, fellow students, friends and family on the assessment topic and your
ideas/approach may help you to further your knowledge and understanding.
Use your network of family and friends to gain support and encouragement during the assessment period.
Please remember this is a formal assessment and you should behave in a manner consistent with our values. This means
you cannot:
Allow others to directly contribute to your written answer by revising or adding to the academic content. This is
collusion and is against University Regulations.
Share your assessment with others or ask others to share their work with you.
Copy and paste any material (text, images, coding, calculations) from other sources, including teaching material
and shared revision notes directly into your answer without appropriate acknowledgement. This is plagiarism
and is against University Regulations. There is advice about referencing from th
e University Library.
Pay another person or company to complete the assessment for you. This is contract cheating and is against
University Regulations.
.
For this exercise, you will need to download the dataset “Data for assignment 3 Final.xlsx” from Blackboard.
Before you start, you will need to type in your (7-digit) student number into the boxes at the top of the
spreadsheet. This will produce a set of data that is bespoke to you.
You may wish to copy and paste the data into a new Excel spreadsheet, as this may make it easier to analyse
the data.
If you use the wrong student number, you may gain a very low mark.
Q1 The dataset contains an extract from the 2019 UK Labour Force Survey, containing average gross
weekly pay, and region of residence for UK workers.
The data is restricted to individuals who either live in
1. The South West, or
2. The Rest of the South East (excluding London).
The observations can be assumed to be independent and identically distributed.
(a) Use the data to calculate an unbiased estimate of
i. the expected weekly wage in the South West
ii. the variance of weekly wage in the South West.
If you use Excel formulaes, you should include a brief explanation of which formulae you have
used, and what the mathematical formulae used to calculate the estimates are.
State any assumptions you have made carefully, along with any concerns about the data you
observe.
(b) Formally write down the true distribution of the estimator you have used in part (a) for average
weekly wages in the South West.
State any assumptions, or definitions, that you have used.
(c) It is hypothesised that the average wage in the South West is ￡650 per week. Use your answer to
part (b) to formally test this hypothesis. In your test, you should
Include a formal null and alternative hypothesis
Include calculations of any relevant test statistics
State any assumptions
Calculate, and interpret, the appropriate p-value
Calculate, and interpret, the 95% confidence interval
(d) Repeat parts (a) and (b) to construct an unbiased estimate of the sample mean and variance of
weekly wages in the “Rest of the South East”.
Question continues overleaf
It is hypothesised that workers in the “Rest of the South East” earn ￡150 more per week (on average)
than workers in the South West
(e) To investigate this, construct a new variable:
=