Firms Use Various Methods for Identifying Customers Such as ________

question 54

Multiple Choice

Firms use various methods for identifying customers such as ________ and ________.

• A)observable characteristics such as willingness to wait in long lines; their actions such as whether or not they live a long time
• B)observable characteristics such as age; their actions such as willingness to wait in long lines
• C)the color of their hair; whether or not they roll their eyes at high prices
• D)None of the above.

---

Definitions:

Total Sum of Squares

A statistical measure representing the total variation or spread of a dataset from its mean, used in various statistical models to assess the explanatory power of predictors.

Coefficient of Determination

A statistical measure that represents the proportion of the variance for a dependent variable that's explained by one or more independent variables in a regression model.

SST

An abbreviation that can refer to several concepts depending on context, such as Sum of Squares Total in statistics, which measures the total variation in a dataset.

SSE

Sum of Squared Errors, a measure of the discrepancy between data points and a model's predictions, used in regression analysis.