In One Sentence, What Does R's "Caret" Package Do? Name

question 4

Essay

In one sentence, what does R's "caret" package do? Name three of its procedures discussed in Chapter 6.

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Definitions:

Market Equilibrium

A situation in which the quantity of a product demanded by consumers equals the quantity supplied by producers, leading to a stable price.

Demand Curve

A graph showing the relationship between the price of a good or service and the quantity demanded by consumers.

Supply Curve

Graphically represents the relationship between the price of a good and the quantity of that good that suppliers are willing and able to sell.

Quantity

The amount or number of a material or product available or produced.