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

question 57

Essay

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.

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:

Elastic Demand

Refers to a situation where the quantity demanded for a product or service changes significantly in response to changes in its price.

Pure Monopolist

A single seller in a market with no close substitutes for the product, resulting in complete market control.

Pure Competitor

A market participant in an industry where many sellers offer identical products, and no single seller can influence market price.

Monopolistically Competitive

A market structure where many firms sell products that are similar but not identical, allowing for competition on factors other than price.