________ Is the Application of Statistical Techniques to Find Patterns

question 18

Multiple Choice

________ is the application of statistical techniques to find patterns and relationships in data and to predict outcomes.

• A) Data mining
• B) Data warehousing
• C) Data depositing
• D) Data marting
• E) Databasing

---

Definitions:

Complements

Goods that are consumed together because the use or enjoyment of one good enhances the use or enjoyment of the other.

Consumer Income

The total amount of income a consumer earns, influencing their purchasing power and spending patterns.

Edgeworth Box

A visual representation used in economics to show the distribution of resources and the efficiency of trading between two individuals.

Efficiency

Describes the extent to which time, effort, or cost is well-used for the intended task or purpose, often aiming for the maximum output from a given set of resources.