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Author Question: What is the meaning of the statement correlation does not mean causation? What will be an ideal ... (Read 106 times)

pepyto

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on: Jul 1, 2018
What is the meaning of the statement correlation does not mean causation?
 
  What will be an ideal response?

Question 2

The market demand for wheat is Q = 100 - 2p + 1 , where is the price of barley. If the price of wheat is 2, the price elasticity of demand
 
  A) equals (-4/46).
  B) equals (-46).
  C) equals (-1).
  D) cannot be calculated without more information.


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jaykayy05

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Reply #1 on: Jul 1, 2018
Answer to Question 1

Just because two variables are correlated, meaning that they move together, does not mean that one of the variables is the cause of movement in the other. For example, sales of gasoline and incidence of sunburn are strongly correlated in the U.S. However, this does not mean that sunburns cause people to buy more oil or that buying oil causes sunburns. There is another explanatory variable involved, namely the season of the year, since people both drive more and are outside in the sun more during the summer months.

Answer to Question 2

D


pepyto

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Reply #2 on: Jul 1, 2018
Thank you


jaykayy05

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Reply #3 on: Jul 1, 2018
No problemo


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