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Q. What is Data mining?
Data mining: Data mining is the process of extracting patterns from data. Data mining is seen as an increasingly important tool by modern business to transform data into an informational advantage. It is now used in a wide range of profiling practices, like surveillance, marketing and scientific discovery.
Data mining generally involves 4 classes of tasks:
• Clustering - is the task of discovering groups and structures in the data which are in some way or another 'similar', without using known structures in the data.
• Classification - is the task of generalising known structure to apply to new data. For instance, an email program may attempt to classify an email as legitimate or spam. Common algorithms comprise decision tree learning, naive Bayesian classification, nearest neighbour, neural networks and support vector machines.
• Regression - tries to find a function that models the data with least error.
• Association rule learning - Searches for relationships between variables. For illustration a supermarket may gather data on customer purchasing habits. Using association rule learning, supermarket can determine that products are frequently bought together and use this information for marketing purposes. This is sometimes designated as market basket analysis.
Plot the demand schedule and draw the demand curve for the data given for Marijuana in the caseabove.
Suppose that the present level of income in the economy is $700 billion. It is determined that in order to decrease the unemployment rate to the desired level, it will be essential
The acme paper company lowers its price of envelopes (1000 count) from $6to $5.40.
Q. Product of marginal revenue? MRPL is the product of marginal revenue and marginal product of labour or MRPL = MR x MPL. • Derivation: MR = ?TR/?Q MPL = ?Q/?L
Arc Elasticity Is the average elasticity between two given points on the curve, i.e. Because of the negative relationship between price and quantity demanded, pr
Q. Describe about Theory of Firm? Theory of the firm is associated to comprehending how firms come into being, what are their objectives, how they act and enhance their perform
Q. What is the economic role of government? What are the roles? Meaning: economic role is the role played by the government in uplifting the economy. The important roles: 1.
Disadvantages of product differentiation a) Product differentiation generally reduces the degree of competition in the market. It does this in two ways: i.
Q. Show the Empirical analysis? Empirical analysis aimed at investigating nature of scale economies, degree of input complementarily orsubstitutability, or the nature and exten
Q. Explain about Regression analysis? Regression analysis is the statistical technique which identifies the relationship between two or more quantitative variables: a dependent
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