Examlex

Solved

What Is a Process That Employs Specialized Algorithms to Model

question 83

Multiple Choice

What is a process that employs specialized algorithms to model and study complex datasets; the method is also used to establish relationships among data and datasets?


Definitions:

Market Baskets

A set of goods or services used as a standard for comparing purchasing power or cost of living in different locations.

Completeness

In economics, completeness refers to a property of preferences indicating that any two bundles of goods can be compared, allowing for decisions on which is preferred or if they are equally desirable.

Transitivity

A principle in decision making that if option A is preferred over B, and B is preferred over C, then A should be preferred over C.

Marginal Utility

The extra pleasure or advantage obtained from using an additional unit of a product or service.

Related Questions