It is absolutely important to look at all the information's given in the question. Those information's would be required to solve the problem. Amount at which Madison bought the empty plot = $2000 Percentage of profit made on selling = 25% The amount of profit made by Madison = (25/100) * 2000 = 25 * 20 = 500 dollars Amount at which Madison sold the empty lot = (2000 + 500) dollars = 2500 dollars So Madison sold the empty lot at the rate of $2500. I hope this is the answer you were looking for and the procedure for doing such problems is also clear to you.
Colors are Qualitative and Nominal: Qualitative, because there is no number involved for "color" and Nominal, because their is no natural ordering for color
