Please help me with part 5,6 and 7. Feel free to refer to the attached documents and powerpoint to a

Please help me with part 5,6 and 7. Feel free to refer to the attached documents and powerpoint to add in. I believe it requires excel.

5. Household Incomes (up to 2 slides)

In order to look at household poverty among families with children, you need to focus on the tables in your Community profile that show the distribution of incomes. The Tables to work from are titled:

Total Family Income (weekly) by number of children for Couple Families (Table T22 usually)

Total Family Income (weekly) by number of children for One Parent Families (Table T23 usually) For this section, just work with the most recent Census data from 2016.

Do some work to summarise the main information about family income given here. E.g. Show how average incomes for single parent families compare to those with two-parent families. What are the median incomes? How does income vary with the number of children in a household? Show histograms of the distribution of incomes for single and two-parent families.

N.B. There are some problems with the data that you will need to address. E.g. Incomes are not exact; they are given in ranges. But to calculate means, you need exact values. Think of a sensible approach to dealing with this problem.

6. Poverty Lines and Poverty Rates (up to 3 slides)

The official definition of Poverty involves comparing a household’s income with a Poverty Line for that type of household. If the income is below the poverty line, they are counted as “poor”. In simple terms, the Poverty Line for Australia is defined as 50% of the median income for households of that type. So, poverty is actually a relative measure in this case.

You will need to use the values, see Table 2 (p. 21) of this document, to work out poverty lines for families with 1, 2, 3 and 4+ children. This table gives poverty lines for families with no children and two children, but with some thought, you can estimate sensible poverty lines for the other cases.

Once poverty lines have been constructed, you next need to use the household income data (section 5) to estimate the proportion of households who are below the poverty line, for each type of household, as well as overall. This set of poverty rates will tell us the extent of poverty in your selected location, and it will show how it varies by household type (number of parents, number of children).

7. A Welfare Model to Eliminate Poverty (up to 2 slides)

Designing a welfare system is very complex. In this task, we are doing a simple example, to illustrate some of the ideas. It is not meant to be entirely realistic. We also ignore some of the disincentives that might be created by large scale transfers from “the rich” to “the poor”.

Given the data set and information you have above, your next task is to construct a social transfer system that, if implemented, would remove poverty. The system will need to be constructed and implemented via a spreadsheet model.

The welfare system would involve:

A cash transfer to those with incomes below the poverty line, enough to increase their incomes to just above the poverty line.

A tax on those with incomes above the poverty line. Normally a tax is taken as a percentage of income above some sensible threshold. Design a simple tax scheme that can be used for this purpose. You will need to set the tax rate(s) so that the amount of tax collected in total equals the amount that will need to be transferred to the poor (we ignore all administrative costs etc). Try Goal Seek (or something similar) in Excel to help with this step.

In your presentation slides you can explain the design of the welfare system, and briefly discuss how realistic you think it is. You do not need to outline all the details of your model in the slides, just focus on the main points, assumptions and conclusions. You will also submit your Excel spreadsheet so the details can stay there.

Please help me with part 5,6 and 7. I have done the other parts attached in the powerpoint slides. I need it asap.

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