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Quantitative data

  • A cell phone manufacturing company might collect data about how often people buy new cell phones and what factors affect their choice, so that the cell phone company can focus on those features that would make their product more attractive to buyers.
  • A town councillor might want to know how many accidents have occurred at a particular intersection, to decide whether a robot should be installed. The councillor would visit the local police station to research their records to collect the appropriate data.
  • A supermarket manager might ask the question: “What flavours of soft drink should be stocked in my supermarket?" The question asked of customers might be “What is your favourite soft drink?” Based on the customers' responses, the manager can make an informed decision as to what soft drinks to stock.

However, it is important to note that different questions reveal different features of a situation, and that this affects the ability to understand the situation. For example, if the first question in the list was re-phrased to be: "Does your home have electricity?" then if you answered yes, but you were getting your electricity from a neighbour, then this would give the wrong impression that you did not need an independent supply of electricity.

Methods of data collection

The method of collecting the data must be appropriate to the question being asked. Some examples of data collecting methods are:

  1. Questionnaires, surveys and interviews
  2. Experiments
  3. Other sources (friends, family, newspapers, books, magazines and the Internet)

The most important aspect of each method of data collecting is to clearly formulate the question that is to be answered. The details of the data collection should therefore be structured to take your question into account.

For example, questionnaires, interviews or surveys would be most appropriate for the list of questions in "Purpose of Collecting Primary Data" .

Samples and populations

Before the data collecting starts, it is important to decide how much data is needed to make sure that the results give an accurate reflection to the required answers. Ideally, the study should be designed to maximise the amount of information collected while minimising the effort. The concepts of populations and samples is vital to minimising effort.

The following terms should be familiar:

  • describes the entire group under consideration in a study. For example, if you wanted to know how many learners in your school got the flu each winter, then your population would be all the learners in your school.
  • describes a group chosen to represent the population under consideration in a study. For example, for the survey on winter flu, you might select a sample of learners, maybe one from each class.
  • describes a sample chosen from a population in such a way that each member of the population has an equal chance of being chosen.

Choosing a representative sample is crucial to obtaining results that are unbiased. For example, if we wanted to determine whether peer pressure affects the decision to start smoking, then the results would be different if only boys were interviewed, compared to if only girls were interviewed, compared to both boys and girls being interviewed.

Questions & Answers

What is the law of demand
Yaw Reply
price increase demand decrease...price decrease demand increase
Mujahid
ıf the price increase the demand decrease and if the demand increase the price decrease
MUBARAK
all other things being equal, an increase in demand causes a decrease in supply and vice versa
SETHUAH
yah
Johnson
how is the economy of usa now
Johnson
What is demand
jude Reply
Demand is the quantity of goods and services a consumer is willing and able to purchase at various prices over a given period of time.
Yaw
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SETHUAH
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Aj
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MUBARAK
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HABANABAKIZE Reply
If potatoes cost Jane $1 per kilogram and she has $5 that could possibly spend on potatoes or other items. If she feels that the first kilogram of potatoes is worth $1.50, the second kilogram is worth$1.14, the third is worth $1.05 and subsequent kilograms are worth $0.30, how many kilograms of potatoes will she purchase? What if she only had $2 to spend?
Susan Reply
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DAVY Reply
QI: (A) Asume the following cost data are for a purely competitive producer: At a product price Of $56. will this firm produce in the short run? Why Why not? If it is preferable to produce, what will be the profit-maximizing Or loss-minimizing Output? Explain. What economic profit or loss will the
Falak Reply
what is money
DAVY Reply
money is any asset that is generally acceptable for the exchange of goods and for the settlement of debts
Mnoko
what is economic
Stephen Reply
economics is the study of ways in which people use resources to satisfy their wants
Falak
what is Price mechanism
Dhany Reply
what is Economics
ERNESTINA
The study of resource allocation,distribution and consumption.
Emelyn
introduction to economics
Uday Reply
welfare definition of economics
Uday
examine the wealth and welfare definitions of economics
Uday
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Anand
What do we mean by Asian tigers
Aeesha Reply
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Shailendra
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Aeesha
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Pixel
What is Average revenue
KEMZO
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KEMZO
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metasebia
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Uday
it is a group of 4 countries named Singapore, South Korea, Taiwan and Hong Kong because their economies are growing very faster
Anand
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EDWARD
Please, average revenue is an amount of money you gained after deducted your total expenditure from your total income.
EDWARD
what's a demand
Edward Reply
it is the quantity of commodities that consumers are willing and able to purchase at particular prices and at a given time
Munanag
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Omed
demand depends upon 2 things 1wish to buy 2 have purchasing power of that deserving commodity except any from both can't be said demand.
Bashir
Demand is a various quantity of a commodities that a consumer is willing and able to buy at a particular price within a given period of time. All other things been equal.
Vedzi
State the law of demand
Vedzi
The desire to get something is called demand.
Mahabuba
what is the use of something should pay for its opportunity foregone to indicate?
Random Reply
Why in monopoly does the firm maximize profits when its marginal revenue equals marginal cost
astrid Reply
different between economic n history
Falma Reply
in a comparison of the stages of meiosis to the stage of mitosis, which stages are unique to meiosis and which stages have the same event in botg meiosis and mitosis
Leah Reply
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Source:  OpenStax, Siyavula textbooks: grade 10 maths [ncs]. OpenStax CNX. Aug 05, 2011 Download for free at http://cnx.org/content/col11239/1.2
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