Student's Name Professor's Name Subject Code and Title Date Determining a price for a new product in the market using the law of demand and supply The methodical technique appears to be continuous practice where it starts with the observation of the real world situation. Noticeably human beings are created to be always inquisitive so they frequently discover questions about the natural world and develop a hypothesis about why things are naturally the way they are. Apparently the best-developed hypothesis finally comes up with predictions. The predictions may be tested in different ways which among them include conducting further observation about nature. Therefore the strongest tests of hypothesis come from carefully controlled and replicated experiments that collect empirical data. Relying on how accurate the assessments corresponds to the expectations the initial suggestion may need modification adjustment extension or even elimination. and the strategies used to test how the law of demand and supply determine the price of a new product is to identify the equilibrium state where there is no surplus and no shortage of the product in the market. Therefore the law of demand and supply can determine the price of the new product in the market by identifying the equilibrium state where there is no shortage or excess in the quantity of goods demanded or supplied(Gale David 3-4). This is a scientific method that is applied in the real life situation. Work CitedGale David. "The Law Of Supply And Demand". MATHEMATICA SCANDINAVICA vol 3 2011 p. 155. Aarhus University Library doi:10.7146/math.scand.a-10436. Cappiello Giuseppe. "Price Policies Over-Supply And Demand Bubbles". Symphonya. Emerging Issues In Management no. 2 2013 Universita Degli Studi Di Milano-Bicocca Symphonya Emerging Issues In Management doi:10.4468/2005.2.06cappiello. [...]
Write a three to five (3-5) page paper in which you: Explain the scientific method and describe the overall manner in which you would apply it in your field of study or everyday life. Propose one (1) testable hypothesis to explain / solve the problem you have selected. State the expected outcomes of your actions and include criteria for determining whether or not these actions would succeed. Note: Your hypothesis should be stated very precisely. Describe the main actions that you intend to put into place to test the hypothesis that you proposed in Question 2. Describe the way in which you would evaluate the success of your program. Include the results that you would deem as a success and the results that would be considered a failure. Discuss the wisdom behind the strategy you would use to test the hypothesis from Question 3, and describe the additional steps you might take, depending on the results of your test. Note: These additional steps might be to revise your original hypothesis (if the results were unsatisfactory) or to propose new hypotheses. The goal is to continuously improve your understanding of the factors influencing your outcomes, to be able to achieve greater results over time. Use at least two (2) quality resources / references in this assignment. Note: Wikipedia and personal blogs do not qualify as quality resources. Your report must follow these formatting requirements: Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions. Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.