The Two Types of Quantitative Variables Are

question 26

Multiple Choice

The two types of quantitative variables are:

• A)Ordinal and ratio
• B)Interval and ordinal
• C)Nominative and ordinal
• D)Interval and ratio
• E)Nominative and interval

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Definitions:

Hamburger

A popular food item consisting of a cooked patty of ground meat, usually beef, placed inside a sliced bun.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, showing the sensitivity of consumers to price changes.

Point C

In the context of economic graphs and models, a specific point that can represent a variety of economic outcomes or equilibria depending on the diagram.

Price Elasticity

An indicator of the sensitivity of demand for a product to variations in its price.