Explain whether each scenario is a classification or regression problem, and ind

Question

Explain whether each scenario is a classification or regression problem, and indicate whether we are most interested in inference or prediction and why. Finally, provide n (number of observations) and p (number of predictors):

1. Online auctions have become a major player in providing electronic commerce services. Researchers use a dataset of 461 eBay coin auctions to determine the factors affecting the final auction price. They consider three auction characteristics: the opening bid, the auction duration, and whether a secret reserve price was used; two seller characteristics: the number of positive and negative ratings; and a control variable: book value of the coin.

Explanation / Answer

The agiven scenario is regression problem. Here we are interested in predicting which factors affectes final auction price.

n =total number of observations = 461

p = number of predictors =6

There are 6 predictor variables for auction price prediction.

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