Question

which of the following scenarios/predictions should be made using a binary choice model? please be sure to read each choice carefully and select all that apply. question 8 options: predict the likelihood of a sports team winning a home game. predict the chances of joe biden, the current president of the united states, being elected to a second term as president. predict the total number of cars a dealership sells in the month of may. predict the total number of category 5 hurricanes in florida next year. predict the percent chance the golden gate bridge collapse because of high winds.

Answer 1

Binary choice models are used for scenarios with two possible outcomes. They apply to predicting if a sports team wins a game, if a president is elected for a second term, and if a bridge collapses due to high winds. Other scenarios involve numerical predictions and would not use a binary choice model.

Step-by-step explanation:

Scenarios or predictions that should be made using a binary choice model are scenarios where the outcomes can only take two forms. In the given options, we would use a binary choice model for the following:

• Predict the likelihood of a sports team winning a home game (the outcome is either win or lose).
• Predict the chances of Joe Biden, the current president of the United States, being elected to a second term as president (the outcome is either elected or not elected).
• Predict the percent chance the Golden Gate Bridge collapses because of high winds (the outcome is either collapse or not collapse).

The other scenarios involve predicting numerical quantities that are not binary outcomes, such as the total number of cars sold or the total number of category 5 hurricanes, which would require different types of predictive models.