Business Analytics Quiz 2 PYQ Sep 2024: 1 Dec 2024 · IITM BS

Question 1

+1 markOne correct option

Latent demand in a demand-response curve is the area obtained when?

A
Price is reduced below the identified optimal price
B
Price is increased beyond the identified optimal price
C
The optimal price is increased beyond the maximum available price
D
Quantity is reduced below the identified optimal quantity

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Correct answer

A
Price is reduced below the identified optimal price

Question 1 on its own pageAlso asked in Quiz 2 6 Aug 2023, Quiz 1 26 Oct 2025

Question 2

+1 markOne correct option

What is the objective function of logistic regression?

A
Minimization of squared errors
B
Maximization of log-likelihood
C
Minimization of residuals
D
None of these

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Correct answer

B
Maximization of log-likelihood

Question 2 on its own pageAlso asked in Quiz 2 6 Aug 2023

Question 3

+1 markNumerical answer

The relationship between Demand “D” and Selling Price “P” is given by the equation D(p) = 720 – 5*P. If the intention is to maximize the profit, then what is the optimal selling price if the item is going to be made at Rs. 20 per unit?

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Correct answer: 82

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Question 4

+1 markNumerical answer

Say a demand response curve is modelled as a constant elasticity curve. If Q1 is 2400 units, Q2 is 1500 units, P1 is Rs. 100 and P2 is Rs. 200, then what is the elasticity of the curve? (Note: If your answer is in decimal, enter it rounded to two decimal places. For example, if your answer is “10.256”, enter it as “10.26”)

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Correct answer: 0.675 (accepted within ±0.025)

Question 4 on its own pageAlso asked in Quiz 2 6 Aug 2023

Question 5

+1 markOne or more correct options

What does the term “Multicollinearity” refer to? (Select all that are applicable)

Select all that apply.

A
The dependent and independent variables are not-related
B
The dependent and independent variables are linearly related
C
The dependent variable is linearly related to another dependent variable
D
None of these

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Correct answer

D
None of these

Question 5 on its own pageAlso asked in End Term 30 Apr 2023, Quiz 2 6 Aug 2023

Question 6

+1 markOne or more correct options

What are the applications of logistic regression?

Select all that apply.

A
Predicting binary outcomes
B
Predicting the multi-class output
C
Predicting the odds of the occurrence of a specific event
D
None of these

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Correct answers

A
Predicting binary outcomes
B
Predicting the multi-class output
C
Predicting the odds of the occurrence of a specific event

Question 6 on its own page

Question 7

+1 markNumerical answer

How many degrees of freedom are present for the “Residuals” in the ANOVA Table?

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Correct answer: 314

Question 7 on its own page

Question 8

+1 markNumerical answer

How many total degrees of freedom are present for the fitted model in the ANOVA Table?

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Correct answer: 319

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Question 9

+1 markNumerical answer

If no feature engineering was performed, then how many features were present in the dataset?

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Correct answer: 5

Question 9 on its own page

Question 10

+1 markNumerical answer

Based on the below confusion matrix, answer the given subquestions. (Note: Give your answer in decimal (not in %) rounded to two decimal places. For example, if your answer is “0.256”, enter it as “0.26”)

		Actual
		Negative	Positive
Predicted	Negative	145	155
	Positive	75	25

What is the accuracy of the model?

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Correct answer: 0.42 (accepted within ±0.02)

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Question 11

+1 markNumerical answer

Based on the below confusion matrix, answer the given subquestions. (Note: Give your answer in decimal (not in %) rounded to two decimal places. For example, if your answer is “0.256”, enter it as “0.26”)

		Actual
		Negative	Positive
Predicted	Negative	145	155
	Positive	75	25

What is the precision of the model for predicting the negative class?

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Correct answer: 0.48 (accepted within ±0.01)

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Question 12

+1 markNumerical answer

Based on the below confusion matrix, answer the given subquestions. (Note: Give your answer in decimal (not in %) rounded to two decimal places. For example, if your answer is “0.256”, enter it as “0.26”)

		Actual
		Negative	Positive
Predicted	Negative	145	155
	Positive	75	25

What is the recall of the model for predicting the positive class?

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Correct answer: 0.14 (accepted within ±0.01)

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Question 13

+1 markNumerical answer

You are solving a regression problem with 8 explanatory variables. The data has 150 observations, and the R-square value was found to be 0.75. You are adding one more explanatory variable to the dataset (a total of 9 explanatory variables). The new R-square value is 0.8. Then answer the given subquestions.

What is the new adjusted R-square value?(Note: If your answer is in decimal, enter it rounded to two decimal places. For example, if your answer is “10.256”, enter it as “10.26”)

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Correct answer: 0.785 (accepted within ±0.015)

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Question 14

+1 markOne correct option

You are solving a regression problem with 8 explanatory variables. The data has 150 observations, and the R-square value was found to be 0.75. You are adding one more explanatory variable to the dataset (a total of 9 explanatory variables). The new R-square value is 0.8. Then answer the given subquestions.

What does the value of the new adjusted R-square value imply?

A
The new variable must be dropped from the model
B
The new variable must be kept in the model
C
The data is too small for fitting a regression model with 9 variables
D
None of these

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Correct answer

B
The new variable must be kept in the model

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Question 15

+1 markOne correct option

If the axis “X1” and “X2” represent the inputs for the DEA problem, then which of the following would you assume/guess is the efficient frontier (if the output is going to be held constant for all DMUs)?

A
1-2-5-7
B
1-3-4-6-7
C
3-2-5-6-4
D
All of these

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Correct answer

A
1-2-5-7

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Question 16

+1 markOne correct option

If the axis “X1” and “X2": represent the outputs for the DEA problem, then which of the following would you assume/guess is the efficient frontier (if the input is going to be held constant for all DMUs)?

A
1-2-5-7
B
1-3-4-6-7
C
3-2-5-6-4
D
All of these

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Correct answer

B
1-3-4-6-7

Question 16 on its own page

Question 17

+1 markNumerical answer

The following is the Primal LP Formulation for a resource allocation problem. Given this, answer the subquestions based on the standard form of the primal

Objective: Maximize $(10Y_1 + 20Y_2 + 5Y_3 + 7Y_4 + 12Y_5 + 11Y_6)$

Constraint-1: $Y_1+Y_2+Y_3+Y_4+Y_5+Y_6 <= 200$

Constraint-2: $2Y_1+3Y_3 <= 50$

Constraint-3: $4Y_2+5Y_4+3Y_6 = 65$

Constraint-4: $Y_1+ Y_3 <= 20$

Constraint-5: $Y_2+Y_4+Y_6 = 16$

Constraint-6: $Y_1$ , $Y_2$ , $Y_3$ , $Y_4$ , $Y_5$ , $Y_6$ are all non-negative

How many constraints will be present in the dual formulation?

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Correct answer: 6

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Question 18

+1 markNumerical answer

The following is the Primal LP Formulation for a resource allocation problem. Given this, answer the subquestions based on the standard form of the primal

Objective: Maximize $(10Y_1 + 20Y_2 + 5Y_3 + 7Y_4 + 12Y_5 + 11Y_6)$

Constraint-1: $Y_1+Y_2+Y_3+Y_4+Y_5+Y_6 <= 200$

Constraint-2: $2Y_1+3Y_3 <= 50$

Constraint-3: $4Y_2+5Y_4+3Y_6 = 65$

Constraint-4: $Y_1+ Y_3 <= 20$

Constraint-5: $Y_2+Y_4+Y_6 = 16$

Constraint-6: $Y_1$ , $Y_2$ , $Y_3$ , $Y_4$ , $Y_5$ , $Y_6$ are all non-negative

How many decision variables will be required to formulate the dual?

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Correct answer: 7

Question 18 on its own page

Question 19

+1 markNumerical answer

The following is the Primal LP Formulation for a resource allocation problem. Given this, answer the subquestions based on the standard form of the primal

Objective: Maximize $(10Y_1 + 20Y_2 + 5Y_3 + 7Y_4 + 12Y_5 + 11Y_6)$

Constraint-1: $Y_1+Y_2+Y_3+Y_4+Y_5+Y_6 <= 200$

Constraint-2: $2Y_1+3Y_3 <= 50$

Constraint-3: $4Y_2+5Y_4+3Y_6 = 65$

Constraint-4: $Y_1+ Y_3 <= 20$

Constraint-5: $Y_2+Y_4+Y_6 = 16$

Constraint-6: $Y_1$ , $Y_2$ , $Y_3$ , $Y_4$ , $Y_5$ , $Y_6$ are all non-negative

What is the objective function “co-efficient” for the dual decision variable corresponding to the “Constraint-4” in the primal?

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Correct answer: 20

Question 19 on its own page

Question 20

+1 markNumerical answer

The following is the Primal LP Formulation for a resource allocation problem. Given this, answer the subquestions based on the standard form of the primal

Objective: Maximize $(10Y_1 + 20Y_2 + 5Y_3 + 7Y_4 + 12Y_5 + 11Y_6)$

Constraint-1: $Y_1+Y_2+Y_3+Y_4+Y_5+Y_6 <= 200$

Constraint-2: $2Y_1+3Y_3 <= 50$

Constraint-3: $4Y_2+5Y_4+3Y_6 = 65$

Constraint-4: $Y_1+ Y_3 <= 20$

Constraint-5: $Y_2+Y_4+Y_6 = 16$

Constraint-6: $Y_1$ , $Y_2$ , $Y_3$ , $Y_4$ , $Y_5$ , $Y_6$ are all non-negative

For the following solution of the primal, how many decision variables in the dual will have a NON- ZERO value ?
Y1= 4
Y2= 5
Y3= 2
Y4 = 6
Y5= 10
Y6= 5

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Correct answer: 4

Question 20 on its own page