Business Statistics || Assignment

Running head: BUSINESS STATISTICS
Business Statistics
Name of the Student
Name of the University
Student ID

BUSINESS STATISTICS1
Table of Contents
Summary statistics of average age of all people in different countries...........................................2
Test for proposed hypothesis...........................................................................................................3
Statistical conclusion.......................................................................................................................4
Analytical conclusion......................................................................................................................4
Causes of higher average age of population................................................................................5
Consequences of aging population..............................................................................................7
Government and social policies to tackle population aging........................................................8
Impact of population aging on development of Japan.................................................................9
List of References..........................................................................................................................11

BUSINESS STATISTICS2
Summary statistics of average age of all people in different countries
Table 1: Descriptive statistics of age
From the summary statistics of median ages of different countries in world, the world
average age is obtained as 30.7 years. The corresponding standard deviation of ages is 8.89.
Different countries across the world has different average age depending on their specific

BUSINESS STATISTICS3
demographic characteristics. The median years in Japan is 47.3 years which is much higher than
world’s average age. There are various factors responsible for significantly higher average age in
Japan. The ageing population also save economic and social consequences.
Test for proposed hypothesis
Null hypothesis (H0): The average age in Japan is equal to the world’s average age of 30.7 years.
μ=30.7
Alternative Hypothesis (HA): The average age in Japan is significantly higher than world’s
average age.
μ>30.7
Level of significance
The chosen significance level for conducting hypothesis test of mean age is 5%. That is
α =0.05
Critical value
From the alternative hypothesis, it can be observed that the test is a one tail test
specifically right tail test (Larson and Farber 2019). The critical z value corresponding to 5%
level of significance is 1.645.
Test statistics
Since population standard deviation is known the appropriate test statistics for the test is z
statistics (Kaila 2017).