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Use economic reasoning and analysis to explain:

A) Why home computers are now on average less expensive to buy today than 20 years ago

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Home computers are now less expensive to buy today than 20 years ago due to several significant reasons, which are as follows:

1) Technology has improved tremendously over the years as a result of constant research, innovation, use of alternate mechanisms and raw materials and scientific development, which has resulted in shrinking the size as well as cost of the home computers. Products which were available 20 years ago were not only bulky and obsolete, but also very high in terms of cost. Today, computers, thanks to continuous innovation and advancement, are much cheaper and affordable.

2) Twenty years ago, computers were a relatively new discovery with very initial and little advancements in terms of technology, new product development and innovation. The computer ...

Solution Summary

Home computers are now less expensive to buy today than 20 years ago due to several significant reasons.

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Identify variables: numerical categorical ordinal interval

Data on a sample of 1080 salespeople from a large electronics retail company is shown in the attached file. The dataset contains the following variables:

Sales: Total sales (in $) by each salesperson last year
Department: What department (home electronics, computers, etc) the salesperson works in.
Year born: The year in which the salesperson was born
Training Hours: Number of hours of training the individual has received during career.
Gender: Salesperson's Gender
Experience: Number of years the individual has worked with your company.
Education: Level of education completed by salesperson
Marital Status: Salesperson's Marital Status

Use the data provided to answer the following questions.
(a) Which of the variables are categorical and which are numerical?
(b) Which of the categorical variables are nominal and which are ordinal?
(c) Which of the numerical variables are ratio and which are interval?

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