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Mathematical Modeling

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Can you please explain the concept of modeling and how does a model describe known data and predict future data? Can you give me a specific example?

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Solution Summary

This solution briefly summarizes how the mathematical modelling works and how it is being used in prediction. Then, it gives a specific example to demonstrate how these concepts work.

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The basic idea of modelling is to explain some variable (call it y) in terms of inputs (call them x_1, x_2, ..., x_n). A model will be a function y=f(x_1,x_2,...,x_n). In other words, a model is a function that takes in the value of inputs, and return a theoretical output ...

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