In: Statistics and Probability
For each of the following variables, please identify the appropriate level of measurement/ primary scale: nominal, ordinal, interval, ratio
a. Stock price
There are four scales of measurements - Nominal, Ordinal, Interval and Ratio.
a. Stock Prices - Ratio Scale of Measurement (Prices are numbers with a true 0)
b. Socio-economic Status - Nominal Scale of Measurement ( There are just categories which cannot be ordered)
c. Number of Days since you last ate at a restaurant (Exact Number) - Ratio Scale of Measurement ( Number of Days are exact number with a true Zero)
d. Number of Days since you last ate at a restaurant (coded) - Ordinal Scale of Measurement ( The Times are coded as Numbers making it ordinal)
e. Zip Code - Nominal Scale of Measurement ( a zip code is a number acting as a label or namesake)
f. Share of Wallet (%) - Ratio Scale of Measurement ( They are exact percentages with true 0)
g. Favorite Sports Team - Nominal Scale of Measurement ( They are names which do not have indisputable order)
h. Likelihood - It would be Ordinal Scale of Measurement. Since, recommendations are coded with numbers that have indisputable order.
i. Overall Satisfaction - Ordinal Scale of Measurement ( They are ordered numbers)
j. Distance from your home to the nearest gas station - Ratio Scale of Measurement (They are exact numbers)