A Company Was Studying the Demographics of Their Customers

question 27

Essay

A company was studying the demographics of their customers. As part of the study, they collected the following variables: gender, marital status, credit rating (low, medium, high), annual income, and age. Label each variable as qualitative or quantitative, discrete or continuous, and nominal, ordinal, interval, or ratio.

---

Definitions:

Fixed Costs

Costs that do not change with the level of output or production in the short term, such as rent, salaries, and equipment leases.

Variable Costs

Costs that fluctuate with the level of output, including raw materials, labor, and energy consumption.

Assets Utilized

The resources and assets a company effectively uses in its operations to generate revenue.

Formulas

Prescribed sets of instructions or rules expressed in mathematical symbols and operations designed to solve problems or calculate values.