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Economics Data Analysis

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Economics Data Analysis

Use the fictional data and mini case studies on this page to identify trends, check calculations and explain possible causes. Give evidence from the data where you can. Dollar amounts are Australian dollars (A$).

Case file 1: The weekend market

A community market tracked its sales over four Saturdays. These figures are fictional and show the total money received from stall sales.

Saturday

Total sales (A$)

Week 1

4,000

Week 2

4,600

Week 3

5,200

Week 4

4,900

1.Describe the overall sales trend from Week 1 to Week 4. Use at least two figures as evidence.

2.By how much did sales change between Week 1 and Week 4? Show whether this is an increase or a decrease.

3.Which statement best describes the pattern in the market data?

Sales increased every week without any change.
Sales generally increased, but fell slightly in Week 4.
Sales stayed exactly the same each week.
Sales fell every week.

4.The market had a free live-music performance on Week 3. Suggest one way this might have affected sales, and name one other piece of information you would need before deciding that the music caused the increase.

Case file 2: The juice stall

A stallholder is deciding how many bottles of juice to prepare. The figures below show bottles prepared and sold on three market days.

Day

Prepared

Sold

Cool day

Warm day

Hot day

5.How many bottles were left unsold on the cool day?

6.What relationship between temperature and juice sales is suggested by these three days? State one reason not to treat this small set of data as proof that temperature is the only cause.

7.The stallholder wants to reduce wasted juice but avoid running out. Suggest a sensible number of bottles to prepare for a warm day, using the data to explain your choice.

Case file 3: Reading a local jobs statistic

A town report says the youth unemployment rate changed from 8% to 12% over one year. The rate is the percentage of young people in the labour force who are unemployed and looking for work.

8.What economic concern does the rise from 8% to 12% suggest? Give one possible effect on young people or the town.

9.Which question would best help check whether the unemployment rise is part of a continuing trend rather than a one-year change?

What was the rate in several earlier and later years, measured in the same way?
Which young person in town has the most expensive phone?
How many shops have blue signs?
What is the town's most popular sport?

10.Imagine the market's Week 5 sales were A$5,500. Is it reasonable to predict that Week 6 sales will also be A$5,500? Explain why or why not, and name one kind of new data that would help make a better prediction.