Question

NSWERVariableType ofvariableQuantitative(a) Temperature (in degrees Fahrenheit)Level ofmeasurementNominalOrdinalIntervalRatioCategoricalQuantitative(b) Dosage (in milligrams) of medicationNominalOrdinalIntervalRatioCategoricalQuantitative(C) Exchange on which a stock is traded(NYSE, AMEX, or other)NominalOrdinalIntervalRatioCategorical

Answer 1

We are looking at what type of variables are given. Let's analyze it one by one to check which one suits it best.

(a) Temperature

Temperature is measured by numbers, hence, this is categorized as a quantitative variable. Temperature does not have a non-finite value since it changes as time goes by, hence, the level of measurement for this type of variable is ratio.

Answer: Quantitative and ratio

(b) Dosage of the medication

The dosage of medication is measured in milligrams, which means we are dealing with numbers, hence, this is a quantitative variable. In the case of dosage, we are dealing with fixed values, hence, the level of measurement for this type of variable is interval.

Answer: Quantitative and interval

(c) Stock exchange

Stock exchanges are types of group variables. These are represented as categories, hence, this variable is classified as categorical. The exchanges are ranked in some specific order. When dealing with categorical variables that have rank order, we have ordinal variables.

Answer: Categorical and ordinal