The Following Shows the Temperatures High, Low) and Weather Conditions

question 66

Short Answer

The following shows the temperatures high, low) and weather conditions in a given Sunday for some selected world cities. For the weather conditions, the following notations are used: c = clear; cl = cloudy; sh = showers; pc = partly cloudy.
$$\begin{array} { l l c c } \text { City } & \text { Hi } & \text { Lo } & \text { Condition } \\\text { Acapulca } & 99 & 77 & \mathrm { pc } \\\text { Bangkak } & 92 & 78 & \mathrm { pc } \\\text { Meaca City } & 77 & 57 & \mathrm { sh } \\\text { Montreal } & 72 & 56 & \mathrm { pc } \\\text { Paris } & 77 & 58 & \mathrm { c } \\\text { Rame } & 88 & 68 & \mathrm { d } \\\text { Toronto } & 78 & 61 & \mathrm { c }\end{array}$$
a. How many elements are in this data set?
b. How many variables are in this data set?
c. How many observations are in this data set?
d. Name the variables and indicate whether they are categorical or quantitative.
e. For which variables are arithmetic operations appropriate and for which are they not appropriate?

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Definitions:

Payback Rule

An investment appraisal technique that calculates the time required to recoup the cost of an investment, focusing on cash flow rather than profitability.

Pre-Specified Number

A value or quantity that is defined or agreed upon before it is used or applied.

Calculated Payback Period

The duration required for an investment to produce income or cash flow equal to the investment's initial cost.

Payback Period

The duration of time it takes to recover the initial investment cost in a project or investment.