Classify each of the following by type of

Alisa Duarte

Alisa Duarte

Answered question

2022-03-16

Classify each of the following by type of variables and level of measurement.
a. Monthly payment: $1427
b. Annual family income: $86, 000

Answer & Explanation

Camryn Heath

Camryn Heath

Beginner2022-03-17Added 4 answers

First we will state the types of variables and level of measurements as,
Types of variable: There are two types of variables,
1)Categorical (Qualitative): categorical that is qualitative variables are the variable that are not numerical and can be added into categories according to their characteristics. The qualitative variable is variable which takes values as categories or levels. example: Gender and Smoking are categorical variables.
2) Numerical (Quantitative): Numerical that is Quantitative variable take numerical values, and represent some kind of measurements and counts. Example: Age, Weight, and Height are quantitative variables.
Level of Measurements: There are four different level of Measurements
1) Nominal: The nominal level variables are organized into non-numeric categories that cannot be ranked or compared quantitatively. Nominal variable is a is used to name, label or categorize particular attributes that are being measured. It takes qualitative values representing different categories, and there is no ordering of these categories.
2) Ordinal: In the ordinal level of measurement, the variables are still classified into categories, but these categories are ordered and there is no equivalent distance between the categories. Also, there is no standard ordering in the ordinal level of measurements.
3) Interval: The interval variable is a measurement variable that is used to define values measured along a scale, with each point placed at an equal distance from one another. This allows for a direct comparison between categories such that the difference between any two sequential data points.
4) Ratio: The ratio scale of is a type of variable measurement scale which is quantitative in nature. Ratio scales are the most informative scales. Ratio scales provide rankings, assure equal differences between scale values, and have a true zero point.
Here we can classify given terms as,
1) Monthly income:$1427 as quantitative variable and ratio level of measurement as we have given exact value of income.
2) Annual family income: $86, 000 as quantitative variable and ratio level of measurement because we have given an annual income of family as $86,000 which is an exact value of income.
Pamela Browning

Pamela Browning

Beginner2022-03-18Added 7 answers

Thanks for answer!

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