3.2 Modeling the Expert: An Introduction to Logistic Regression

3.2 Modeling the Expert: An Introduction to Logistic Regression

Quick Question

Which of the following dependent variables are categorical? (Select all that apply.)

 Deciding whether to buy, sell, or hold a stock  check
 
 The weekly revenue of a company   close
 
 The winner of an election with two candidates  check
 
 The day of the week with the highest revenue  check
 
 The number of daily car thefts in New York City  close
 
 Whether or not revenue will exceed $50,000  check
 
Check Show Solution

Explanation The weekly revenue of a company is not categorical, since it has a large number of possible values, on a continuous range. The number of daily car thefts in New York City is also not categorical because the number of car thefts could range from 0 to hundreds. On the other hand, the other options each have a limited number of possible outcomes.

Which of the following dependent variables are binary? (Select all that apply.)

 Deciding whether to buy, sell, or hold a stock  close
 
 The weekly revenue of a company   close
 
 The winner of an election with two candidates  check
 
 The day of the week with the highest revenue  close
 
 The number of car thefts in New York City  close
 
 Whether or not revenue will exceed $50,000  check
 
Check Show Solution

Explanation The only variables with two possible outcomes are the winner of an election with two candidates, and whether or not revenue will exceed $50,000.

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