Understanding the terminology and notations

To develop ideas quickly and build an intuition regarding supply and demand, we have a simple and completely hypothetical dataset of height, weight, and race of a few random samples obtained from a survey. Let's have a look at the dataset:

Height (inches)	Weight (lbs)	Race (Asian/African/Caucasian)
72	180	Asian
66	150	Asian
70	190	African
75	210	Caucasian
64	150	Asian
77	220	African
70	200	Caucasian
65	150	African

 

Let's examine the individual fields:

• Height in inches and weight in lbs are continuous data types because they can take on any values, such as 65, 65.123, and 65.3456667.
• Race, on the other hand, would be an example of a categorical data type, because there are a finite number of possible values that can go in the field. In this...