ECONOMICS

Detailed explanation-1: -What is the interval level? The interval level is a numerical level of measurement which, like the ordinal scale, places variables in order. Unlike the ordinal scale, however, the interval scale has a known and equal distance between each value on the scale (imagine the points on a thermometer).

Detailed explanation-2: -An interval scale is one where there is order and the difference between two values is meaningful. Examples of interval variables include: temperature (Farenheit), temperature (Celcius), pH, SAT score (200-800), credit score (300-850).

Detailed explanation-3: -Interval scales are sometimes useful in statistics because they let you assign numerical values to arbitrary measurements, like an opinion. While both can measure perception or opinion, an interval scale is different from an ordinal scale, which is made up of relative values that don’t have a mathematical difference.

Detailed explanation-4: -Examples of interval level data include temperature and year. Examples of ratio level data include distance and area (e.g., acreage).