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The US Budget’s Analysis

Topic: Budget Words: 668 Pages: 2

The annual expenditure used by 42-year old head of household with a $90,000 annual income having 2 children. In addition to income, other socioeconomic variables that will be considered include the number of children, family size, marital status and annual expenditure on food.

Table 1. Variables Selected fo78 r the Analysis

Variable Name Description Type of Variable
Income Annual household income in USD Quantitative
Housing Total Amount of Annual Expenditure on Housing in USD Quantitative
Family size Total Number of People in Family (Both Adults and Children) Quantitative
Marital status Marital Status of Head of Household as married or not married Qualitative
Food Total Amount of Annual Expenditure on Food in USD Quantitative

Reason(s) for Selecting the Variables and Expected Outcome(s)

  1. Income – Poverty is measured in the US by comparing a family’s income to a set poverty threshold. Lower income is associated with poverty (US Census Bureau, 2020).
  2. Housing – Poverty is measured in the US by comparing minimum amount of income needed to cover basic needs, such as housing. Poor housing is associated with poverty (US Census Bureau, 2020).
  3. Family size – Poverty prevalence is invariably seen to higher among individuals with larger family sizes (US Census Bureau, 2020).
  4. Marital status – Non-married individuals are often aligned with higher poverty rates than the married individuals (US Census Bureau, 2020).
  5. USD Food – Poverty is measured in the US by comparing minimum amount of income needed to cover basic needs, such as food. Limited amount of money for food is associated with poverty (US Census Bureau, 2020).

Measures of central Tendency

Variable Name Measures of Central Tendency and Dispersion Rationale for Why Appropriate
Income Number of observations
Median
Sample standard deviation		 I am using the median for two reasons:
  1. If there are any outliers or the data is not normally distributed, the median is the best measure of central tendency.
  2. The variable is quantitative.

I am using sample standard deviation for three reasons:

  1. The data is a sample from a larger data set.
  2. It is the most commonly used measure of dispersion.
  3. The variable is quantitative.
Housing Median
Sample standard deviation		 I am using median for the following reasons:
  1. Outliers and skewed data has limited effect on the median.

I am using sample standard deviation for the following reasons:

  1. The data is a sample from a larger data set.
  2. The variable is quantitative.
Family size Median
Sample standard deviation		 I am using median for the following reason:
  1. Outliers and skewed data has limited effect on the median.

I am using sample standard deviation for the following reasons:

  1. The data is a sample from a larger data set.
  2. The variable is quantitative.
Marital status Mode
Percent distribution		 I am using mode for the following reason:
  1. The variable is nominal

I am using percent distribution for the following reason:

  1. The variable is nominal
Food Mean
Sample standard deviation		 I am using the mean for the following reasons:
  1. It includes all data

I am using sample standard deviation for the following reasons:

  1. The data is a sample from a larger data set.
  2. The variable is quantitative.

Table 3. Type of Graphs and/or Tables for Selected Variables

Variable Name Measures of Central Tendency and Dispersion Rationale for Why Appropriate
Income Graph: I will use the histogram to show the normal distribution of data. The histogram is one of the best plot to show the normal distribution of quantitative level data.
Housing Graph: I will use the histogram to show the normal distribution of data. It shows the center and skewness of the data. It also shows the presence of outliers (Ruhil, 2019).
Family size Graph: I will use the histogram to show the normal distribution of data. It shows the center and skewness of the data. It also shows the presence of outliers.
Marital status Graph: I will use the bar graph It shows the presence of modes in the data (Ruhil, 2019).
Food Graph: I will use the histogram to show the normal distribution of data. It shows the center and skewness of the data. It also shows the presence of outliers.

References

Ruhil, A. V. (2019). Data analysis for leadership and public affairs: An introduction. Bookdown.

United States Census Bureau. (2020). Questions on the form and why we ask. Web.

Macro Environment and Impact on Business Activities in China Market
Expansionary and Contractionary Fiscal Policies

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