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0 0 0 0 Please the form heet and Statistical table attached at the end of this exam for your reference Amal Com Show all the steps you take to reach your answer totalks 100 Question 1 Does an increase in income or wealth lead to pester toppen or traction? This question that the attention of researchers Some have argued the increasing pace of modern lite, changes in social westowed the tarrily competition for jobs and a desire to keep up with our neighbours have made some of us happy. No, been argued that thing incomes and technology have had a negative effect on our happiness in the were that we become more materialistic and more socially isolated The relationship between income and happiness have been investigated in studies such as the World Survey (ws) which involves 115000 respondents from 78 countries that represent 83% of the world's population. The ws includes the Following question on happiness Taking all thing together, would you say you are very happy, I quite ay not very happy, 1-not at all happy! The mean happiness scores and their standard deviations from Australia and New Zealand are compared twlow with data for the happiest country, Brazil Country Australia New Zealand Brazil Mean 337 3.28 3.50 Standard Deviation 0.62 0.57 0 69 Other studies on happiness also show some clear trends. For example, di Tella, MacCulloch and Oswald found that a $1000 increase in GDP per capita (in 1985 dollars) raises the proportion pf people in top happiness category "very satisfied with their lives) by approximately 3.6 percentage points. They found that countries with lower unemployment and lower inflation tend to be happier, and the recessions create significant psychological losses that beyond the fall in GDP and nise in the number of people unemployed, Using the information provided, answer the following questions. 1.1 in the rol peopleurple 0 0 Using the information provided, answer the following questions O How can the rational average happinesscore be estimated using sample data? How much enor is brolved in such an esime? How much confidence do we have in this estimate? 10 marks Unanswered 1.2 The wys reports that mean national happiness scores for Australia, New Zealand and Brazil are 3.37, 2.2 and 3.50, respectively. However, these figures are based on sample information. Are we certain of the results? Can we use these figures an estimate for the respective population parameters? Compute the confidence intervals for the population mean happiness scores for Australia, New Zealand and Brazil. Interpret the confidence intervals you have considered. [20 marks) li 0 0 0 0 What is the effect of changing the sample size and will confidence on the precision of the confidence in consideres smarkt Unanswered 1.4 What is the rationale for determining how many people to sample other than to sample as tow as possible to save time or money! is a minimum sample size necessary to accomplish estimations? (15 markas 0 0 0 0 Please the form heet and Statistical table attached at the end of this exam for your reference Amal Com Show all the steps you take to reach your answer totalks 100 Question 1 Does an increase in income or wealth lead to pester toppen or traction? This question that the attention of researchers Some have argued the increasing pace of modern lite, changes in social westowed the tarrily competition for jobs and a desire to keep up with our neighbours have made some of us happy. No, been argued that thing incomes and technology have had a negative effect on our happiness in the were that we become more materialistic and more socially isolated The relationship between income and happiness have been investigated in studies such as the World Survey (ws) which involves 115000 respondents from 78 countries that represent 83% of the world's population. The ws includes the Following question on happiness Taking all thing together, would you say you are very happy, I quite ay not very happy, 1-not at all happy! The mean happiness scores and their standard deviations from Australia and New Zealand are compared twlow with data for the happiest country, Brazil Country Australia New Zealand Brazil Mean 337 3.28 3.50 Standard Deviation 0.62 0.57 0 69 Other studies on happiness also show some clear trends. For example, di Tella, MacCulloch and Oswald found that a $1000 increase in GDP per capita (in 1985 dollars) raises the proportion pf people in top happiness category "very satisfied with their lives) by approximately 3.6 percentage points. They found that countries with lower unemployment and lower inflation tend to be happier, and the recessions create significant psychological losses that beyond the fall in GDP and nise in the number of people unemployed, Using the information provided, answer the following questions. 1.1 in the rol peopleurple 0 0 Using the information provided, answer the following questions O How can the rational average happinesscore be estimated using sample data? How much enor is brolved in such an esime? How much confidence do we have in this estimate? 10 marks Unanswered 1.2 The wys reports that mean national happiness scores for Australia, New Zealand and Brazil are 3.37, 2.2 and 3.50, respectively. However, these figures are based on sample information. Are we certain of the results? Can we use these figures an estimate for the respective population parameters? Compute the confidence intervals for the population mean happiness scores for Australia, New Zealand and Brazil. Interpret the confidence intervals you have considered. [20 marks) li 0 0 0 0 What is the effect of changing the sample size and will confidence on the precision of the confidence in consideres smarkt Unanswered 1.4 What is the rationale for determining how many people to sample other than to sample as tow as possible to save time or money! is a minimum sample size necessary to accomplish estimations? (15 markas

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