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Define the Three Market-Basket Terminologies: Support, Confidence, and Lift

question 20

Essay

Define the three market-basket terminologies: support, confidence, and lift.


Definitions:

Perfect Information

A situation in game theory or economics where all participants have full and equal knowledge of all relevant aspects.

Candy Store

A retail shop specializing in the sale of candies, sweets, and sometimes other confectionery items.

Expected Payoff

The average outcome or return anticipated from a decision or investment, considering all possible outcomes.

Perfect Information

A situation in which all participants have access to all relevant information, often used in game theory and economic models.

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