To Predict a Qualitative, or Categorical, Response Variable We Could

question 87

True/False

To predict a qualitative, or categorical, response variable we could use a classification tree.

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Definitions:

Price Discrimination

The business strategy of selling the same product to different customers at different prices based on their willingness to pay.

Senior Citizens

Individuals of an older age, often defined by legal or social age thresholds, who may be eligible for certain benefits.

Hotel Chains

A series of hotels under the same brand or management, offering standardized accommodations and services across different locations.

Producer Surplus

The difference between what producers are willing to sell a good for and the actual price they receive, representing a measure of producer profitability.