Applications of the Scientific Method

Aug 3rd, 2016
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Applications of the Scientific Method

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Scientific Method1Applications of the Scientific MethodYour Name (First M. Last)The professors nameThe course titleThe date.Scientific Method2Establishing a price for a new product using the law of supply and demandScientific method is a process to quantify experimental variable to make hypothesis and totheorize rules. Scientist use inductive process which involves hypothesizing combined withcollection of data and information to get to the truth. It starts with observation, then hypothesisand then experiment is done to validate it. This method can also be regarded as best knownprocedures to study the world around us. The best thing about scientific method is that it not onlyvalidates its own hypothesis but also opens to refine, Alter, Expand or even reject the hypothesis.The applicability of the scientific method in determining the price of the particular product bythe forces of demand and supply can be clearly visualized. The problem to determine the price ofthe product is scientific in nature as one can easily observe that before launching a new productin the market if the demand is huge, the price increases and abundance of product in the marketdecreases its price. Thus, by observation price has a direct relation with demand and inverserelation with supply. At the same time the law of demand and supply need to be gone through allthe steps followed by scientific method such as hypothesis formulation, test of hypothesis,analyzation of data an

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