The High Temperature Is Recorded Each Day for a Period

question 138

Multiple Choice

The high temperature is recorded each day for a period of 1 year. This is an example of:

• A) nominal data.
• B) ordinal data.
• C) time-series data.
• D) cross-sectional data.

---

Definitions:

Total Revenue

The total receipts from sales of a given quantity of goods or services. It is the total income of a business from its sales activity.

Price

The amount of money required to purchase something or the value that consumers are willing to exchange for a good or service.

Midpoint Method

A technique used in economics to calculate the elasticity of a variable relative to another, minimizing the variability of the measurement regardless of the direction of change.

Price Elasticity

An indicator of the extent to which the demand or supply for a product shifts following a variation in its cost.