Log out Go to App
Go to App

Learning Materials

Features

Discover

Chapter 1: Problem 5

Dr. Strangelove's theory is that the price of mushrooms is determined by the activity of subatomic particles that exist in another universe parallel to ours. When the subatomic particles are emitted in profusion, the price of mushrooms is high. When subatomic particle emissions are low, the price of mushrooms is also low. How would you go about testing Dr. Strangelove's theory? Discuss whether this theory is useful.

Short Answer

Expert verified
To test Dr. Strangelove's theory, one could gather data on both subatomic particle activity in a parallel universe and mushroom prices, look for a correlation, and conduct statistical analysis to quantify this relationship. For evaluating its usefulness, it's not only important that the theory can accurately predict mushroom prices, but also that it's practical and feasible to apply.

Step by step solution

01

Identifying Variables

First identify a dependable method or a reliable source that can provide reliable data on subatomic particle activity in the parallel universe. Similarly, accumulate reliable data on the price of mushrooms in the local market.
02

Observing Trends

Observe the trends of these two sets of data. This could be through plotting them on a graph, with the x-axis representing time, the y₁-axis representing subatomic particle emissions, and the y₂-axis representing mushroom prices. Look for any apparent correlation.
03

Statistical Analysis

Perform a statistical analysis to measure the correlation between the two variables. This could include regression analysis or the Pearson correlation coefficient, among others.
04

Testing the Theory

Should a strong correlation be identified, the theory could be further tested by predicting future mushroom prices based on changes in subatomic particle emissions, and observing whether these predictions hold true.
05

Evaluating the Theory's Utility

Finally, evaluate whether the theory is useful. Even if a correlation is confirmed and it's able to make accurate predictions, consider its practical usage. For instance, if the method for collecting data on subatomic particle emissions is expensive or complex, its practical use might be limited.

Unlock Step-by-Step Solutions & Ace Your Exams!

  • Full Textbook Solutions

    Get detailed explanations and key concepts

  • Unlimited Al creation

    Al flashcards, explanations, exams and more...

  • Ads-free access

    To over 500 millions flashcards

  • Money-back guarantee

    We refund you if you fail your exam.

Start your free trial

Over 30 million students worldwide already upgrade their learning with Vaia!

One App. One Place for Learning.

All the tools & learning materials you need for study success - in one app.

Get started for free

Most popular questions from this chapter

Leonard Fleck, a philosophy professor at Michigan State University, has written: When it comes to health care in America, we have limited resources for unlimited health care needs. We want everything contemporary medical technology can offer that will improve the length or quality of our lives as we age. But as presently healthy taxpayers, we want costs controlled. Why is it necessary for all economic systems to limit services such as health care? How does a market system prevent people from getting as many goods and services as they want?

According to Forbes magazine, in 2017 , Bill Gates was the world's richest person, with wealth of \(\$ 86\) billion. Does Bill Gates face scarcity? Does everyone? Are there any exceptions? Source: "The World's Billionaires," forbes.com, March 20, 2017 .

According to the FBI Bank Crime Statistics, there were more than 4,000 bank robberies in the United States in 2015, an increase of 3.9 percent over 2014 . The FBI claims that banks have made themselves easy targets by refusing to install clear acrylic partitions, called bandit barriers, that separate bank tellers from the public. According to a special agent with the FBI, "Bandit barriers are a great deterrent. We've talked to guys who rob banks, and as soon as they see a bandit barrier, they go find another bank." Despite this finding, many banks have been reluctant to install these barriers. Wouldn't banks have a strong incentive to install bandit barriers to deter robberies? Why, then, do so many banks not install them?

The Apply the Concept feature explains that there are both positive and normative aspects to the debate over whether the federal government should enact tariffs on imports of cars from Mexico. What economic statistics would be most useful in evaluating the positive elements in this debate? Assuming that these statistics are available or could be gathered, are they likely to resolve the normative issues in this debate?

Would you expect a centrally planned economy to be better at productive efficiency or allocative efficiency? Be sure to define productive efficiency and allocative efficiency in your answer.
See all solutions

What do you think about this solution?

We value your feedback to improve our textbook solutions.

Study anywhere. Anytime. Across all devices.

Sign-up for free