Discover how regression models excel in forecasting auctioned item prices by analyzing historical data, enabling accurate price predictions in auctions.
Table of Contents
Question
__________ models can be used to predict the sale price of auctioned items.
A. Classification
B. Clustering
C. Regression
Answer
C. Regression
Explanation
Regression is a machine learning task that is used to predict the value of the label from a set of related features.
Regression models are specifically designed to predict continuous numeric values, making them ideal for estimating sale prices of auctioned items based on historical data. These models analyze relationships between variables to predict outcomes within a continuous range.
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