What Is Data Mining

question 78

Essay

What is data mining?

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Definitions:

Normal Goods

Goods for which demand increases as the income of the consumer increases, and falls when the consumer's income decreases.

Cross Elasticity of Demand

measures how the quantity demanded of one good responds to a change in the price of another good, indicating substitutes or complements.

Substitute Goods

Products or services that can be used in place of each other because they fulfill similar needs or desires, often influencing the demand and price of goods.

Income Elasticity of Demand

A measure of how much the quantity demanded of a good changes in response to a change in consumers' income.