Limited dependent variable
Okay kiddo, imagine you have a magic box that gives you candy every time you press a button. However, you can only press the button a certain number of times before the box runs out of candy. This means your candy supply is limited.
Similarly, some things in real life are limited, like a person's income or the number of hours of sunshine in a day. These are called limited dependent variables.
When scientists or researchers want to study these limited things, they use special math tools called regression models. These models help them understand how different factors, like education or weather, affect the limited thing they are studying.
For example, scientists might use a regression model to understand how a person's education level affects their income. They would look at data from lots of people and compare how much they make based on their level of education.
In summary, a limited dependent variable is something that is limited in quantity or value, and scientists use special math tools called regression models to study how different factors affect it.
Similarly, some things in real life are limited, like a person's income or the number of hours of sunshine in a day. These are called limited dependent variables.
When scientists or researchers want to study these limited things, they use special math tools called regression models. These models help them understand how different factors, like education or weather, affect the limited thing they are studying.
For example, scientists might use a regression model to understand how a person's education level affects their income. They would look at data from lots of people and compare how much they make based on their level of education.
In summary, a limited dependent variable is something that is limited in quantity or value, and scientists use special math tools called regression models to study how different factors affect it.
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