Referring to the real estate data table below: a. For each variable, wouold yuou

Question

Referring to the real estate data table below:

a. For each variable, wouold yuou describe it as primarily categorical, or quantitative? If quantitative, what are the units? If categorical, is it ordinal or simply nominal?

b. Are these data a time series, or are these cross-sectional? Explain briefly.

960

House ID Neighborhood Mail ZIP Acres YR-Built Full_Market_Value Size 413400536 Greenfield Manor 12859 1.00 1967 $1,00,400

960

4128001474 Fort Amherst 12801 0.09 1961 $1,32,500 906 412800344 Dublin 12309 1.65 1993 $1,40,000 1620 4128001552 Granite Springs 10598 0.33 1969 $67,100 900 412800352 Arcady 10562 2.29 1955 $1,90,000 1224 413400322 Ornsbee 12859 9.13 1997 $1,26,900 1056

Explanation / Answer

a)

House ID : categorical - ordinal variable

Neighborhood : categorical - nominal variable

Mail ZIP : categorical - ordinal variable

Acres : quantitative

YR-Built : categorical - ordinal variable

Full_Market_Value : quantitative

Size : quantitative

b)

a cross-sectional study  is a type of observational study that analyzes data collected from a population, or a representative subset, at a specific point in time.

A time series is a sequence taken at successive equally spaced points in time.

Since here data is not taken at equally spaced time points and not also at a specific point in time, so these data is neither a time series data nor a cross sectional data.

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