In this lesson, we learn about parameters in functional forms and their role in determining a specific function. Parameters are unknown values that need to be assigned a numerical value in order to make predictions with a model. We also learn about the process of regression, which involves fitting a model to data in order to assign values to the unknown parameters. The lesson emphasizes the importance of avoiding confusion between unknowns and unknown parameters and provides a useful rule for identifying parameters in a functional form.
Understand what a parameter is (as opposed to an input and output) in a functional form and its role in determining a specific function and also as the result of attempting to fit a functional form to data.
How do you know which letters in a function or equation are parameters?
What does the letter e mean in math?
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This lesson explains what a parameter is, what role it plays in an algebraic model, and how to work with them. The lesson explanation as well as the notes and problem set are very thorough and useful to learning this topic.