Understanding the terminology and notations

To develop ideas quickly and build an intuition regarding supply and demand, we have a simple and completely hypothetical dataset of height, weight, and race of a few random samples obtained from a survey. Let's have a look at the dataset:

Height (inches)

Weight (lbs)

Race (Asian/African/Caucasian)

72

180

Asian

66

150

Asian

70

190

African

75

210

Caucasian

64

150

Asian

77

220

African

70

200

Caucasian

65

150

African

 

Let's examine the individual fields:

  • Height in inches and weight in lbs are continuous data types because they can take on any values, such as 65, 65.123, and 65.3456667.
  • Race, on the other hand, would be ...

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