The Numbers Used to Code Responses on the ________ Level

question 17

Multiple Choice

The numbers used to code responses on the ________ level of measurement have real meaning and may be averaged.

• A)nominal level
• B)nominal and ordinal level
• C)ordinal and interval
• D)interval and ratio

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Definitions:

Midpoint Method

A technique used in economics to calculate the elasticity of a variable, using the average of initial and final values as reference points.

Unit Elastic

Describes a situation where the change in quantity demanded or supplied is exactly proportional to the change in price.

Midpoint Method

A method employed in economics for determining demand or supply elasticity through calculating the mean of the initial and final prices and quantities.

Price Elasticity

A measure of how much the quantity demanded or supplied of a good or service changes in response to a change in its price.