Describe Two Situations - One Where You Consider Dynamic Pricing

question 69

Essay

Describe two situations - one where you consider dynamic pricing is ethical and the other where dynamic pricing is unethical.

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Definitions:

Multicollinearity

A statistical phenomenon in which multiple independent variables in a regression model are highly correlated, potentially undermining the statistical validity of the model.

Independent Variables

Variables in an experiment or statistical model that are manipulated or categorized to investigate their effect on dependent variables.

Correlated

A statistical relationship or association between two variables.

Multicollinearity

Multicollinearity occurs when two or more independent variables in a regression model are highly correlated, making it difficult to discern their individual effects on the dependent variable.