Explain the conceptual significance of odds in logistic regression. Bf P(Y=1) is 0.60 calculate odds. For what value of P(Y=1), will the odds be 1? The graph for probabilities of logistic distribution can explain the consumer behavior and reducing rate of mare

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Explain the conceptual significance of odds in logistic regression.
of P(Y=1) is 0.60 calculate odds.
For what value of P(Y-1), will the odds be 1?
The graph for probabilities of logistic distribution can explain the consumer behavior and reducing rate of marginal
utility.
Do you agree? Explain with a diagram
Transcribed Image Text:Explain the conceptual significance of odds in logistic regression. of P(Y=1) is 0.60 calculate odds. For what value of P(Y-1), will the odds be 1? The graph for probabilities of logistic distribution can explain the consumer behavior and reducing rate of marginal utility. Do you agree? Explain with a diagram
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