A Natural Latent Variable for a Probit Model for Modeling

question 14

Multiple Choice

A natural latent variable for a probit model for modeling the purchase of a good by consumers would be which of the following?

• A) Profits
• B) Net revenues
• C) Costs
• D) Utility

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Definitions:

Feasible Solution

A practical and achievable resolution to a problem that can realistically be implemented.

Generating Solutions

The process of coming up with multiple answers or ways to address problems or challenges.

Practical Solution

A viable and straightforward answer or method to resolve a problem or address a situation, often emphasizing effectiveness and simplicity.

Ridiculous Alternatives

A technique used in problem-solving or therapeutic contexts to spur creativity by considering seemingly absurd or impractical options.