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Once you have a set of data, you will need to organize it so that you can analyze how frequently each datum occurs in the set. However, when calculating the frequency, you may need to round your answers so that they are as precise as possible.

Answers and rounding off

A simple way to round off answers is to carry your final answer one more decimal place than was present in the original data. Round off only the final answer. Do not round off any intermediate results, if possible. If it becomes necessary to round off intermediate results, carry them to at least twice as many decimal places as the final answer. For example, the average of the three quiz scores four, six, and nine is 6.3, rounded off to the nearest tenth, because the data are whole numbers. Most answers will be rounded off in this manner.

It is not necessary to reduce most fractions in this course. Especially in Probability Topics , the chapter on probability, it is more helpful to leave an answer as an unreduced fraction.

Levels of measurement

The way a set of data is measured is called its level of measurement . Correct statistical procedures depend on a researcher being familiar with levels of measurement. Not every statistical operation can be used with every set of data. Data can be classified into four levels of measurement. They are (from lowest to highest level):

  • Nominal scale level
  • Ordinal scale level
  • Interval scale level
  • Ratio scale level

Data that is measured using a nominal scale is qualitative . Categories, colors, names, labels and favorite foods along with yes or no responses are examples of nominal level data. Nominal scale data are not ordered. For example, trying to classify people according to their favorite food does not make any sense. Putting pizza first and sushi second is not meaningful.

Smartphone companies are another example of nominal scale data. Some examples are Sony, Motorola, Nokia, Samsung and Apple. This is just a list and there is no agreed upon order. Some people may favor Apple but that is a matter of opinion. Nominal scale data cannot be used in calculations.

Data that is measured using an ordinal scale is similar to nominal scale data but there is a big difference. The ordinal scale data can be ordered. An example of ordinal scale data is a list of the top five national parks in the United States. The top five national parks in the United States can be ranked from one to five but we cannot measure differences between the data.

Another example of using the ordinal scale is a cruise survey where the responses to questions about the cruise are “excellent,” “good,” “satisfactory,” and “unsatisfactory.” These responses are ordered from the most desired response to the least desired. But the differences between two pieces of data cannot be measured. Like the nominal scale data, ordinal scale data cannot be used in calculations.

Data that is measured using the interval scale is similar to ordinal level data because it has a definite ordering but there is a difference between data. The differences between interval scale data can be measured though the data does not have a starting point.

Questions & Answers

differentiate between demand and supply giving examples
Lambiv Reply
differentiated between demand and supply using examples
Lambiv
what is labour ?
Lambiv
how will I do?
Venny Reply
how is the graph works?I don't fully understand
Rezat Reply
information
Eliyee
devaluation
Eliyee
t
WARKISA
hi guys good evening to all
Lambiv
multiple choice question
Aster Reply
appreciation
Eliyee
explain perfect market
Lindiwe Reply
In economics, a perfect market refers to a theoretical construct where all participants have perfect information, goods are homogenous, there are no barriers to entry or exit, and prices are determined solely by supply and demand. It's an idealized model used for analysis,
Ezea
What is ceteris paribus?
Shukri Reply
other things being equal
AI-Robot
When MP₁ becomes negative, TP start to decline. Extuples Suppose that the short-run production function of certain cut-flower firm is given by: Q=4KL-0.6K2 - 0.112 • Where is quantity of cut flower produced, I is labour input and K is fixed capital input (K-5). Determine the average product of lab
Kelo
Extuples Suppose that the short-run production function of certain cut-flower firm is given by: Q=4KL-0.6K2 - 0.112 • Where is quantity of cut flower produced, I is labour input and K is fixed capital input (K-5). Determine the average product of labour (APL) and marginal product of labour (MPL)
Kelo
yes,thank you
Shukri
Can I ask you other question?
Shukri
what is monopoly mean?
Habtamu Reply
What is different between quantity demand and demand?
Shukri Reply
Quantity demanded refers to the specific amount of a good or service that consumers are willing and able to purchase at a give price and within a specific time period. Demand, on the other hand, is a broader concept that encompasses the entire relationship between price and quantity demanded
Ezea
ok
Shukri
how do you save a country economic situation when it's falling apart
Lilia Reply
what is the difference between economic growth and development
Fiker Reply
Economic growth as an increase in the production and consumption of goods and services within an economy.but Economic development as a broader concept that encompasses not only economic growth but also social & human well being.
Shukri
production function means
Jabir
What do you think is more important to focus on when considering inequality ?
Abdisa Reply
any question about economics?
Awais Reply
sir...I just want to ask one question... Define the term contract curve? if you are free please help me to find this answer 🙏
Asui
it is a curve that we get after connecting the pareto optimal combinations of two consumers after their mutually beneficial trade offs
Awais
thank you so much 👍 sir
Asui
In economics, the contract curve refers to the set of points in an Edgeworth box diagram where both parties involved in a trade cannot be made better off without making one of them worse off. It represents the Pareto efficient allocations of goods between two individuals or entities, where neither p
Cornelius
In economics, the contract curve refers to the set of points in an Edgeworth box diagram where both parties involved in a trade cannot be made better off without making one of them worse off. It represents the Pareto efficient allocations of goods between two individuals or entities,
Cornelius
Suppose a consumer consuming two commodities X and Y has The following utility function u=X0.4 Y0.6. If the price of the X and Y are 2 and 3 respectively and income Constraint is birr 50. A,Calculate quantities of x and y which maximize utility. B,Calculate value of Lagrange multiplier. C,Calculate quantities of X and Y consumed with a given price. D,alculate optimum level of output .
Feyisa Reply
Answer
Feyisa
c
Jabir
the market for lemon has 10 potential consumers, each having an individual demand curve p=101-10Qi, where p is price in dollar's per cup and Qi is the number of cups demanded per week by the i th consumer.Find the market demand curve using algebra. Draw an individual demand curve and the market dema
Gsbwnw Reply
suppose the production function is given by ( L, K)=L¼K¾.assuming capital is fixed find APL and MPL. consider the following short run production function:Q=6L²-0.4L³ a) find the value of L that maximizes output b)find the value of L that maximizes marginal product
Abdureman
types of unemployment
Yomi Reply
What is the difference between perfect competition and monopolistic competition?
Mohammed
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Source:  OpenStax, Introductory statistics. OpenStax CNX. May 06, 2016 Download for free at http://legacy.cnx.org/content/col11562/1.18
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