Is Profit A Discrete Or Continuous Variable?

What type of variable is profit?

Quantitative data is data where the values can change continuously, and you cannot count the number of different values.

Examples include weight, price, profits, counts, etc.

Basically, anything you can measure or count is quantitative..

How do you know if something is discrete or continuous?

A discrete variable is a variable whose value is obtained by counting. A continuous variable is a variable whose value is obtained by measuring. A random variable is a variable whose value is a numerical outcome of a random phenomenon. A discrete random variable X has a countable number of possible values.

What are two examples of continuous variables?

In general, quantities such as pressure, height, mass, weight, density, volume, temperature, and distance are examples of continuous random variables.

Is age continuous or discrete?

We could be infinitly accurate and use an infinite number of decimal places, therefore making age continuous. However, in everyday appliances, all values under 6 years and above 5 years are called 5 years old. So we use age usually as a discrete variable.

Is gender a discrete variable?

Discrete data: when the variable is restricted to specific defined values. For example, “male” or “female” are categorical discrete data values.

Is money a discrete or continuous variable?

Sometimes variables which are strictly discrete may be treated as continuous. Money changes in steps of 1p and so is a discrete variable. However, if you are dealing with hundreds of pounds the steps are so small that it may be treated as a continuous variable.

What is the similarities of continuous and discrete variable?

The simplest similarity that a discrete variable shares with a continuous variable is that both are variables meaning they have a changing value. Besides that, they are also statistical terminologies used for comparative analysis.

What are the two types of discrete variables?

Discretely measured responses can be:Nominal (unordered) variables, e.g., gender, ethnic background, religious or political affiliation.Ordinal (ordered) variables, e.g., grade levels, income levels, school grades.Discrete interval variables with only a few values, e.g., number of times married.More items…

What type of variable is IQ level?

With a discrete variable it is possible to list all possible values. Other examples of discrete quantitative variables are the number of legs on an animal, number of siblings, ACT scores, IQ scores, and shoe size.

What type of variable is month?

What type of variable is ‘month’? The correct answer is c) Categorical. This is because months of the year are divided into distinct categories.

What type of variable is place of birth?

priority 2 variableBirthplace is a priority 2 variable. Priority 2 variables cover key subject populations that are important for policy development, evaluation, or monitoring. These variables are given second priority in terms of quality, time, and resources across all phases of a census.

What are the types of continuous variables?

There are two types of continuous variables namely interval and ratio variables.