Answer to Question #9288 in Statistics and Probability for Christie Moore

Question

The Kentucky Derby is perhaps the premier event in U.S. horse racing, and it provides many opportunities for identifying types of variables. For each, of the following examples, identify the type if variable-nominal, ordinal, or scale. c. If we were the betting type, we might examine the variable payoffs. Giacomo was such a long shot that a $2.00 bet on him to win paid an incredibly high $102.60.