Students are constructing models for how gasoline prices change. Maria's model has very realistic assumptions and is quite complex. Anna's model is less complicated and less realistic. Maria's model correctly predicts gas price increases 55% of the time. Anna's model predicts correctly 75% of the time. On the basis of the usefulness of the model, which student's model will get the higher grade and why?

Question

Baron

Business

3 December, 11:50

Students are constructing models for how gasoline prices change. Maria's model has very realistic assumptions and is quite complex. Anna's model is less complicated and less realistic. Maria's model correctly predicts gas price increases 55% of the time. Anna's model predicts correctly 75% of the time. On the basis of the usefulness of the model, which student's model will get the higher grade and why?

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Answers (1)

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Haylie Rubio · Answer 1

Anna

Explanation:

Overall the best model is the one which can best predict and forecast. Overall, the two students are trying to predict the prices of gasoline. Anna's model predicts correctly 75% of the time, and Maria's model can predict 55% of the time. According to the track record, Anna is likely to get higher grades because she has a better prediction record.