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What type of variable is monthly household income?
Monthly household income is a continuous quantitative variable. It can take on a wide range of values, including decimals, and is measured on a numerical scale. This variable can be used to analyze trends, make comparisons, and assess relationships with other economic factors.
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
A family spends 85 percent of its monthly income and saves the balance If the family saves 360 dollars per month what is its monthly income?
If the family saves $360, that represents 15 percent of their monthly income (since they spend 85 percent). To find the monthly income, you can set up the equation: 0.15 * Monthly Income = $360. By dividing $360 by 0.15, the monthly income is calculated to be $2,400.
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.
What type of variable is monthly household income?
Monthly household income is a continuous quantitative variable. It can take on a wide range of values, including decimals, and is measured on a numerical scale. This variable can be used to analyze trends, make comparisons, and assess relationships with other economic factors.
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?
Ordered variables give you more information than categoric variablesbut less information than continuous variables.An example of an ordered variable would besmall, medium or large lumps of http://wiki.answers.com/rc9-increase-surface-area.htm
How do you get percentage of national income formula?
The percentage that variable Y accounts for is 100*Variable Y/National Income
What is the income for playing soccer?
Variable
Is income discrete or continuous?
Income is discrete. People can have only a finite number of possible income values.
