What Are Decision Trees? How Do They Classify People into Groups

question 16

Essay

What are decision trees? How do they classify people into groups?

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Definitions:

Pricing Decisions

The process of setting the price for a product or service, influenced by costs, competition, market demand, and perceived value.

Create Value

The process of enhancing a product or service's worth by improving its appeal to customers, thereby increasing its market value or consumer demand.

Demand Curve

Shows how many units of a product or service consumers will demand during a specific period at different prices.

Prestige Products

Goods that are considered luxury items and signify a status symbol to consumers.