Data Mining Uses Sophisticated Statistical and Mathematical Techniques to Perform

question 7

True/False

Data Mining uses sophisticated statistical and mathematical techniques to perform what-if analyses,to make predictions,and to facilitate decision making.

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Definitions:

Competitive Market

A market structure characterized by a large number of buyers and sellers, so no single participant has significant market power.

Profit Maximization

The operation by which businesses deduce the pricing and quantity of output that maximizes profit gains.

Ore

Naturally occurring minerals or rock from which valuable metals or other elements can be extracted profitably.

Marginal Rate of Substitution

The rate at which a consumer is willing to trade one good for another while maintaining the same level of utility.