What Was the Implication of the Observation by Hubble That

question 94

Multiple Choice

What was the implication of the observation by Hubble that the Cepheid variable stars he measured in the Andromeda "nebula" appeared to be very faint compared with what was expected?

• A) The observed period was affected by the intense gravitational field of the "nebula" as predicted by general relativity, leading to incorrect luminosity determination.
• B) The Andromeda "nebula" was very far away and was in fact a galaxy.
• C) Hubble had discovered a new class of intrinsically faint Cepheid variable stars.
• D) Dust and gas in the "nebula" had severely reduced the light from these stars.

Understand the concept of decision-making under risk and uncertainty, including aggressive and conservative strategies.

Calculate and interpret expected payoffs and expected values in decision-making contexts.

Explain the significance of clinical trials and FDA approval in the pharmaceutical industry's revenue projections.

Define and calculate the Expected Value of Sample Information (EVSI) and its role in decision analysis.

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Definitions:

Marginal Analysis

The examination of the benefits and costs of an additional unit of consumption or production to make decisions on allocations of resources.

Risk Aversion

The behavior of preferring to avoid loss rather than making a gain, reflecting a preference for certainty over uncertainty.

Irrational Decision

A choice made that contradicts logical reasoning, often influenced by emotional factors or cognitive biases.

Status Quo Bias

The tendency to avoid making a decision.