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vredina [299]
4 years ago
12

2. Identify the type of scale of measurement (nominal, ordinal, interval or ratio) appropriate for each of the following types o

f data.
a. Star ratings of hotels

b. Sales revenues of companies

c. Grades of officers in armed forces

d. House numbers in a street

e. Prices of cars

f. Classes of accommodation on passenger flights

g. Passport numbers

h. Numbers in a rating scale on a questionnaire

i. Index numbers

​
Business
1 answer:
nevsk [136]4 years ago
7 0

Answer: Please refer to Explanation

Explanation:

A Nominal Scale is a scale where variables are grouped and categorized according to certain characteristics. You cannot perform normal mathematical functions on them such as addition, subtraction and the like.

Ordinal Scales are like nominal scale but in this case the variables can be ranked. You can have a first position and a last position.

An Interval scale is numeric and as such can be ordered. You can also perform mathematical functions on them. Interval scales have no true zero and an example is Temperature. That's why temperature can drop to the negatives.

A Ratio Scale is in many ways like an Interval Scale. The main distinguishing factor is that a Ratio Scale has a true 0. This means that at there is no number before 0 and at 0 level, the variable is considered finished.

Classifying the above therefore,

a. Star ratings of hotels.

ORDINAL because they can be ranked.

b. Sales revenues of companies.

RATIO because there is a true 0. At $0, there is no revenue.

c. Grades of officers in armed forces.

ORDINAL as it can be ranked.

d. House numbers in a street.

NOMINAL as the street numbers don't mean a house is higher ranked than another.

e. Prices of cars.

RATIO as there is a true zero. A car at $0 is free. Price cannot be below $0.

f. Classes of accommodation on passenger flights.

ORDINAL as it can be ranked according to treatment in the various classes.

g. Passport numbers.

NOMINAL as the different passport numbers are simply used for identification and cannot rank people.

h. Numbers in a rating scale on a questionnaire.

ORDINAL because the variables can be ranked from top to bottom.

i. Index numbers.

ORDINAL if the index can be ranked.

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The following cost behavior patterns describe anticipated manufacturing costs for 2013: raw material, $8.20/unit; direct labor,
Irina18 [472]

Answer:

Note: The missing part of the question is <em>"using variable costing  and absorption costing. Explain the difference"</em>

<em />

Solution

According to variable costing, the unit cost based was

= $8.20 + $11.20 + $9.20

= $28.6

According to absorption costing,

Total Manufacturing costs= Direct material + Direct labor + Overhead

= $8.20 + $11.20 + ($386,400/42,000 units) + $9.20

= $8.20 + $11.20 + $9.2 + $9.2

= $37.8

The difference between the variable costing and the absorption cost is because the product costing using variable costing method only includes variable costs.

8 0
3 years ago
Materials purchased on account during the month amounted to $180,000. Materials requisitioned and placed in production totaled $
Alika [10]

Answer:

Part a. Record the transaction on the day the materials were bought.

Materials Account $180,000 (debit)

Cash $180,000 (credit)

Part b. Record the transaction on the day the materials were requisitioned

Work In Progress $165,000 (debit)

Materials Account $165,000 (credit)

Explanation:

Part a. Record the transaction on the day the materials were bought.

Recognise the Assets of Materials Purchased and Derecognise Cash to depict ouflow of economic benefits

Part b. Record the transaction on the day the materials were requisitioned

De-recognise the Materials applied in Production Process and Recognise the cost in Work In Progress Account

6 0
3 years ago
Assuming the average person works 50 weeks per year, median earnings of a college graduate are $56,850 per year compared to $33,
Drupady [299]

Answer:

a. over 100,000

b. is more than 8 times

Explanation:

a.

Cost of four-year bachelor degree = Actual cost + opportunity cost

And

Actual cost = amount spent

opportunity cost = amount lost in not doing job just after high school  

So ,

opportunity cost would be the 4 year salary of a high school graduate.

∴

Opportunity cost = 4 * yearly income of high school graduate

                             = $ 4 * 33900

                             = $ 135,600

Actual cost = 4 * yearly cost to attend college

                    = $ 4 * 25,290

                    = $ 101,160

As,

Total cost =  Actual cost + opportunity cost

                 = $ 101,160 + 135,600

                = $ 236,760

b.

Lifetime gain in pursuing bachelor degree over high school = life time earning of bachelor - lifetime earning of high school graduate

= 2,444,500 - 1,593,300 = 851,200 $

Hence,

the expenses of obtaining a bachelor degree is worth it because the increase in lifeime earning exceeds cost. [ cost = 236,760 $ , gain = 851,200 $ ]

So,

The expense of obtaining a bachelor's degree worth it because the increase in lifetime earnings is more than 8 times the cost

5 0
3 years ago
Why does a price floor lead to surpluses?  Why does a price ceiling lead to shortages?  ​
Degger [83]

Answer:

Shortage: there is more demand than there is at the equilibrium price. There is also less supply than there is at the equilibrium price, thus there is more quantity demanded than quantity supplied.

Your pretty much short in supply and cant fulfill the demand

While surplus

When a price floor is set above the equilibrium price, quantity supplied will exceed quantity demanded, and excess supply or surpluses will result.

Theirs a a large amount of supply due to the pricing most likely beign high

Explanation:

7 0
4 years ago
Suppose you charge me a 9%annual interestrate and i promise to pay you $3,000 a year for four years(first payment is one year fr
snow_lady [41]
PW = 3000×(((1.09^4)-1)÷(.09×1.09^4) + 9000×1.09^-5 = $15568.50
8 0
3 years ago
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