What are measurement scales, their types. Explain each in detail with proper explanation and examples.The sales tax officer in a district has reported that the average sales of the 50 business firms that dealt with during last year amounted to Rs. 36,000 /-with a standard deviatonof Rs10,000 / -. Assuming that the sales of these firms were normally distributed find: (For z-values, use the z table from internet)(a) The no. of business firms the sales of which were over Rs. 40,000 /-(b) The % of business firms the sales of which were likely to range between Rs. 30,000 and Rs40,000

4 Types of Data Measurement Scales Nominal Data Uses Numbers as just names. Each number identifies…

Answered: What are measurement scales, their…

Contemporary Marketing

18th Edition

ISBN:9780357033777

Author:Louis E. Boone, David L. Kurtz

Publisher:Louis E. Boone, David L. Kurtz

Chapter14: Pricing Strategies

Section14.2: Forecasting Demand

Problem 1LO

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What are measurement scales, their types. Explain each in detail with proper explanation and examples.
1. The sales tax officer in a district has reported that the average sales of the 50 business firms that dealt with during last year amounted to Rs. 36,000 /-with a standard deviatonof Rs10,000 / -. Assuming that the sales of these firms were normally distributed find: (For z-values, use the z table from internet)
(a) The no. of business firms the sales of which were over Rs. 40,000 /-

(b) The % of business firms the sales of which were likely to range between Rs. 30,000 and Rs40,000

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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