Answer to Question #206805 in Microeconomics for Raees Ahmad

Question

Discuss the kinds of data?

Answer 1

There are two types of data at the highest level: quantitative & qualitative.

1)Quantitative data is made up of numbers and objects that can be measured objectively, such as height, width, and length. Humidity and temperature. Prices. Area and volume are two different things.

Qualitative data includes;

I) A count that can't be made more accurate is referred to as discrete data. In most cases, numbers are involved. The number of children (or adults, or pets) in your household, for example, is discrete data since you're counting full, indivisible entities: you can't have 2.5 kids or 1.3 pets, for example.

II) On the other hand, continuous data could be segmented and reduced to smaller and finer levels. You can, for example, determine the h

2). Qualitative data is concerned with qualities and descriptions that are difficult to measure but can be subjectively noticed, such as scents, tastes, and textures. Qualitative data includes;

I) Binary data categorizes items into one of 2 mutually exclusive classes: correct or incorrect, true or false, or accept or reject. Binary data would be created if I walked through the box and labeled each piece Good or Bad. This form of information may be utilized in creating a statistical model to predict the outcome.