Good morning, So what is interval data? When used in econometrics, interval data is that which is a fixed distance apart on a given scale. For example, the measurement of temperature on a given scale would be an example of this. This is often seen in economics and econometrics when we are comparing different time …
Hello again, The key in econometrics to what a particular concept means is often found in the title. In this case, for example ordinal data is data which is in ‘order’. This data would include grades received on a college exam, the varying income brackets that people are in or their respective rank in the …
With nominal data, each category is mutually exclusive to the next and there is no crossover between the respective categories. Examples of such nominal scale variables include such factors as gender, employment status or college graduate. This is not a hugely informative measure as a category is simply selected and detailed information is lacking. A useful …
