What is the goal of prescriptive analytics? O Optimize a function Make a recommendation on an action that will optimize a goal Explain the relationship between actions and outcomes 'O Develop a model to describe the data When would descriptive and predictive, results need additional analysis? O All answers are correct O When there is competition involved O When there are multiple explanations to the same data we observe, O When there are strategic consumers involved O When the firm can make a choice of different actions to take Which one of the following is an example of a goal/objective? ' 0 The color of a product ' O The shape of a product O The quantity of a product sold ' O The price of a product What is an action? (Please check all that apply) 0 The price of a product 0 A choice that impacts the goal O A part of the model under the direct control of the firm What does a model do? ! O Finds a goal Explain the relationship between actions and parameters to the goal O Tells us how to make the maximum profit Shows in a graph how price changes with quantity When does maximizing revenue also maximize profit? (Please check all that apply) 0 When the marginal cost is zero O When the marginal revenue equals marginal cost 0 When there is no cost to the product Why does it matter to know how a demand, curve was generated? O We may give a different recommendation for different models O Correlation does not imply causation 0 It helps find errors in the data ' O Knowing the truth always helps Which one of these is an example of a tradeoff? Discounts on a product brings more buyers now and makes buyers wait for discounts in the future Showing more ads to consumers makes them buy more products, O Deceasing the cost of production increases profit O Increasing the quality of a product increases it sales When do we have an attribution problem? O When we run a campaign for a long time O When we use many websites to show ads O When consumers see the same ads on multiple websites O When consumers see many ads What does online retargeting do? O Targets consumers better with ads O Shows ads to people after they visited a specific website O Tries to remind people to buy more O Show lots of ads to people