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How do you get percentage of national income formula?
The percentage that variable Y accounts for is 100*Variable Y/National Income
What additional criteria must be met for a variable to be considered ordinal that is not a requirement for nominal-level measurement?
Just one criterion: it must be possible to put the levels of the variable in order. For example, people in a population might be categorised in terms of their incomes as low income, medium income and high income. In this instance, the income levels display an inherent ordering. Please see the link.
A family spends 20 of its monthly income on food 23 on rent and 42 on other expenses and saves the balance If the family saves 360 per month what is its monthly income?
20%(food) + 23%(rent) + 42%(other expenses) = 85% food, rent, and other expenses is 85% of the income so then the savings is 15% of the family income 100% - 85% = 15%(savings) 360(savings) is 15% of the family income 15/100 = 360/x if 360 is 15% of the family income the total of the family income is 2400 20%(food) + 23%(rent) + 42%(other expenses) = 85% food, rent, and other expenses is 85% of the income so then the savings is 15% of the family income 100% - 85% = 15%(savings) 360(savings) is 15% of the family income 15/100 = 360/x if 360 is 15% of the family income the total of the family income is 2400
How to calculate percentage income?
average income and primary expenses for a stereotypical family of four in the mid-1970's and mid-2000's. In the 1970's example the father works full time and the mother stays home. In the 2000's example, the mother and the father both work outside the home. Dollar values are inflated into consistent terms. The income and expenses were researched for and presented in The Two Income Trap by Elizabeth Warren and Amelia Tyagi.
A family spends 9 percent of it income on entertainment how much do they spend if their monthly income is 5000?
450 dollars would be spent a month on entertainment if the family spends nine percent of their $5000 income monthly on that. You figure this by multiplying .09 by 5000 giving 450, which is the amount spent monthly on entertainment.
Are zip codes an example of continuous variables?
Yes, family income is absolutely an example of a continuous variable. but zip code ,i think, is not a continuous variable
What type of variable is household income?
Household income is a quantitative variable, specifically a continuous variable, since it can take on a wide range of numerical values.
When drawing a graph that measures family average income over a period of 50 years what is the independent variable?
The independent variable in this case would be the passage of time or the years, as it is the variable that is being manipulated or controlled in the study to see its effect on the family average income.
Is yearly income a continuous variable or a discrete variable?
Actually, it can be and is frequently treated as either. If the data is collected as a numerical value (for example, $35,500), then it is continuous. However, it is often simpler and more useful, especially in surveys, to collect the data as a set of ranges (20,000 - 29,999; 30,000 - 39,999; etc.). In this case, it would be an ordinal variable. Ordinal variables are discreet categories that still have a rank order.
Independent variable examples?
They are the variables that you think predict some outcome (which is considered the dependent variable). So you might have a theory that gender and age predicts personal income. Gender and age are the independent variables, and income is the dependent. The choice of whether a variable is independent or dependent often is driven by the question you're trying to answer. So in many cases it's possible that the same variable could be an independent variable in one analysis, but a dependent variable in a different analysis. For example, while income was the dependent variable in the earlier example, if you were trying to predict whether a child goes to college, the parents' income might be an important independent variable in that case.
Is income a categorical variable?
No. Income is a quantitative variable since it is measured in numbers instead of categories.
What are the different components of a family budget?
A family budget generally reflects the family's income as well as the family's fixed and variable expenses. The fixed expenses will include food, rent and transportation costs.
What is a ordered variable?
An ordered variable is a type of variable in statistics that has a definite order or ranking. Examples include levels of education (e.g., elementary, high school, college) or income brackets (e.g., low, medium, high). It is different from a categorical variable in that the categories can be arranged in a meaningful sequence.
How do you get percentage of national income formula?
The percentage that variable Y accounts for is 100*Variable Y/National Income
Is income discrete or continuous?
Income is discrete. People can have only a finite number of possible income values.
What is the income for playing soccer?
Variable
What additional criteria must be met for a variable to be considered ordinal that is not a requirement for nominal-level measurement?
Just one criterion: it must be possible to put the levels of the variable in order. For example, people in a population might be categorised in terms of their incomes as low income, medium income and high income. In this instance, the income levels display an inherent ordering. Please see the link.
