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Author Question: Why is data an essential component of the scientific method? What will be an ideal ... (Read 59 times)

lb_gilbert

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on: Jun 29, 2018
Why is data an essential component of the scientific method?
 
  What will be an ideal response?

Question 2

A speculator who incorrectly anticipates a major decline in next year's harvest of some agricultural commodity
 
  A) profits at the expense of consumers.
  B) profits at the expense of producers.
  C) sustains losses and increase price variation from this year to next.
  D) sustains losses but reduce price variation from this year to next.


poopface

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Reply #1 on: Jun 29, 2018
Answer to Question 1

Data are important for testing a model. Testing with data enables economists to separate the good models from the bad models. When a model is overwhelmingly inconsistent with data, economists try to fix the model or replace it altogether. Thus, data enables empirical testing of models to understand if a model is suitable to analyze the problem at hand.

Answer to Question 2

C


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