Madhav collected information about monthly expenditure of a family

Answers 2

The answer to the given question is written below.

  • Madhav collected information about monthly expenditure of a family.
  • He carefully wrote them in blank sheets.
  • This type of data collection is known as Primary Data.
  • The primary data refers to the first hand written credentials which are written by the researcher.
  • In this case, the monthly expenditure of the family is primary data.
  • Later, this will be entered into Excel sheets, which would be registered as official records.
  • This data will be known as Secondary Data.

Correct Question: Madhav collected information about monthly expenditure of a family. What type of data is this?

Answer:

Concept : Micro Economics

Explanation:

Micro Economics studies the individual economics unit

such as individual consumer, individual producers, individual firms the price of a particular commodity

or a factor

Hence this illustration related to the concept of 'MicroEconomics'

where Madhav Collected the Information about the income of a family

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