APPLICATION OF SUPERVISED LEARNING
DEEP LEARNING
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Question
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Cluster
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Class
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Regression
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None of the above
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Detailed explanation-1: -Regression analysis produces a price elasticity measurement that quantifi es the price sensitivity of consumers with respect to the observed product (Mulhern & Leone). This review focuses on regression analysis using historical market data.
Detailed explanation-2: -Smartphones have become very expensive compared to what they used to cost two years back. This is because of the supply chain issues that were created by the pandemic. It is very unlikely that the costs for consumers would roll down to an older price point, but the costs should go down to some extent.
Detailed explanation-3: -2022 began with supply chain issues. There were component shortages, including that of semiconductor chips, whose prices rose. This, in turn, led to an increase in the prices of smartphones by about 15%. Prices could further rise about 30% due to steep inflation.