Question
Differentiate between quantitative and qualitative classification.
✓
Answer
- Quantitative classification: In quantitative classification the data are classified according to some characteristics that can be measured numerically such as height, weight, production, income, marks secured by the students etc.
|
Weight (in kg)
|
No of students
|
|
30-40
|
20
|
|
40-50
|
25
|
|
50-60
|
40
|
|
60-70
|
45
|
- Qualitative classification: In qualitative classification the data are classified on the basis of attributes or quality such as sex, colour of hair, literacy, religion etc.
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Cost is one of the major constraints of production. Cost ceases the degree of freedom of a person to choose enterprise and work on that. Cost also forces farmers or producers to work according to their cost bearing ability. Cost is not so simple and straightforward. It has multiple attributes, can be clearly seen or hidden, may be incurred in the short run or may appear in the long run. So the cost is very vast in itself and its effects are very serious. Hence to manage the problem of cost there should be proper knowledge on the cost, types, its attributes, its impact and ideas presented by different theories on cost.
—Upadhyaya, Navaraj \& Gaire, Amita \& Gyawali, Pushpa, A term paper of Microeconomics on Theory of Cost, Cost Addition and Cost Leadership Approach, Application of Production, and Marketing Cost in Agriculture, 2020
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