--%>

Limits to statistical method

Limits to statistical method: The mechanics of generating data and undertaking statistical analysis and modeling with that data are relatively straightforward. What is less clear is the process of structuring the scope and content of an empirical study and interpreting the results of data collection, statistical analysis and modeling. The “science” of statistics inevitably needs some of the “art” of interpretation.

The first and most important point to investigate is whether the fundamental question being investigated is properly specified (i.e., can a hypothesis be rejected or is the method relevant to the objective) and whether the scope of the data and methods being used are a reasonable approximation of the problem under investigation.

Depending on whether the study involves using deductive or inductive reasoning to derive a conclusion, the authors may require more or less statistical and modeling rigor.

   Related Questions in Microeconomics

  • Q : Market structure of monopoly A monopoly

    A monopoly is a type of market structure in that one: (w) seller produces whole industry’s output. (x) giant firm is a price taker. (y) barrier to entry exists. (z) giant firm is the single buyer of resources.

    Q : Determine constant slope of demanded

    The slope of this illustrated figure of demand curve for DVD games is: (w) constant. (x) greater at high prices than at low prices. (y) lower at low prices than at high prices (z) unitarily elastic.

    Q : Malthusian theory on population What do

    What do you mean by the Malthusian theory on population?

  • Q : Economic profit of purely-competitive

    This purely-competitive lumber mill experiences on the average day is an: (w) economic profit of about $340. (x) economic loss of roughly $150. (y) accounting profit of less than $300. (z) accounting loss of more than $100.

    Q : Arbitrager-individual or organization

    The arbitrager is an organization or individual that will: (1) Simultaneously purchase low and sell high in various markets. (2) Create disparities among prices in various markets. (3) Resolve disputes among sellers and consumers. (4) Purchase low and

  • Q : Determine prices by maximize total

    LoCalLoCarbo that is Favorite Corporation of fad dieters, which can maximize its total revenue when this produces: (1) output q2 and charges a price equal to P1. (2) output q3 and charges a price of more than P2 althou

  • Q : Outsourcing affect the economy Explain

    Explain how does outsourcing affect the economy?

  • Q : Average cost-aversge variable

    Relation between Average cost, aversge variable cost and Marginal cost:

    Q : Problem on Marginal resource costs Can

    Can someone help me in finding out the right answer from the given options. The synonymous words marginal factor costs or the marginal resource costs signify to the: (i) Cost incurred in generating an additional unit of capital. (ii) Cost to the resource owner of secu

  • Q : Define deficit budget Deficit budget :

    Deficit budget: When expenditure of the government is greater than its receipts, it is termed as deficit budget.