Level vs Armor/Damage

Has anyone figured out the math in regards to a weapon or armor's level versus the damage they do or absorb?

I know it should be obvious where one of the stats is matched, such as two weapons where the damage is the same but the levels are different; or when the levels are the same, but the damage is different. How much of a difference in damage or levels however, should there be when you pick a higher level weapon with lower damage over a lower level weapon with higher damage?
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