Implementing Maximum Likelihood Method (MLM) in Python

Implementing MLM in Python

Python, with its extensive libraries for data analysis and statistical modeling, provides a conducive environment for implementing the Maximum Likelihood Method (MLM). This section offers a practical guide to applying MLM in Python, particularly using the `scipy.optimize` and `statsmodels` libraries. We'll walk through an example that demonstrates how to fit a model using MLM, using a synthetic dataset for illustration.

Step 1: Setting Up Your Python Environment

First, ensure you have Python installed on your system along with the necessary libraries.