For Exercises 65–71, do the following.

  1. List the elements and the variables.
  2. Identify the qualitative variables and the quantitative variables.
  3. For each quantitative variable, indicate whether it is discrete or continuous.
  4. For each variable, identify the level of measurement.
  5. Provide the observation for the indicated element.

Question 1.78

70. Commodity Prices. The financial company Bloomberg (www.bloomberg.com) reported that, on June 4, 2014, the prices in dollars for the following commodities were oil ($102.79, +0.13%), gold ($1243.62, −0.110%), and wheat ($616.25, +0.61%). Do (a)–(d). What is the observation for gold?