Question

A clothing store is analyzing merchandise prices to help make decisions on what to charge for clothing on clearance. The store owner collects data on the price value (in dollars) of articles of clothing that are on sale/clearance throughout the seasons. What type of variable and level of measurement the owner is looking at?
*quantitative variable, ordinal variable
*quantitative variable, ratio variable
*quantitative variable, interval level of measurement
*categorical variable (qualitative), nominal level of measurement

Answer 1

The variable is Quantitative, has Interval level of measurement.

Variables which can be quantified & expressed numerically are Quantitative variables. Eg : as given , price

Variables which cant be qualified & expressed numerically are Qualitative variables. Eg : level of honesty, loyalty etc

Nominal & Ordinal are qualitative variables : signifying yes or no to a category (like men or women) , or ranks (x better than y) respectively. So price level is not such categorical & ordinal ratio.

Quantitative ratio variables are with reference to time , or are in forms of rate (like speed , growth per year). So, price level is not such ratio variable also.

Price is a quantitative variable, in which the ranking, its difference can be calculated. This is characteristic of a Quantitative Interval Variable.