Including as Many Dummy Variables as There Are Categories Is

question 50

Short Answer

Including as many dummy variables as there are categories is referred to as the dummy variable ________.

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Definitions:

Producing Unit

A part of a company or a machine that is responsible for manufacturing or creating goods.

Units

A standard measure or quantity used to specify or quantify the amount of a product, service, or resource.

Prices

The amount of money required to purchase goods or services.

Marginal Cost

The additional cost incurred by producing one more unit of a product or service, crucial for economic and pricing decisions.