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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.
Consumer Equilibrium To demonstrate the consumer's equilibrium i.e. the point at which the consumer maximizes utility with a given budget, we need to combine the indifference
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break event point
construct a decision tree for the baked potatoes outlet using sales per day, number of days that quantity is sold together with selling prices per unit and average costs
Q. What do you mean by Ordinal utility? A method of analysing utility or satisfaction derived from consumption of services andgoods, based on a relative ranking of services and
How does economic theory contribute to managerial decisions?
electron control,inc.,cells voltage regulators to other manufacturers , who then customize and distribute the products to quality assurance labs for their sensitive test equipment.
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