Question

4.Suppose the following information is collected from Robert on his application for a loan. a.Insurance paymentsInsurance...

4.Suppose the following information is collected from Robert on his application for a loan.

a.Insurance paymentsInsurance payments : $489

b. Number of credit cards : 1

c. Ever convicted of a felony No

d.Annual family income 86$,243 Classify each of the responses by type of data and level of measurement.

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Answer #1

Answer 4: Suppose the following information is collected from Robert on his application for a loan.

Solution:

a.Insurance payments : $489

Type of the data: Numerical, Discrete

Level of measurement: Ratio

b. Number of credit cards : 1

Type of the data: Numeric, Discrete

Level of measurement: Ratio

c. Ever convicted of a felony No

Type of the data: Categorical

Level of measurement: Ordinal scale

d.Annual family income 86$,243 .

Type of the data: Numerical, Continuous

Level of measurement: Ratio

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