Should an economic model describe reality exactly

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Reference no: EM131197259

1. How is economics like a science?

2. Why do economists make assumptions?

3. Should an economic model describe reality exactly?

4. Draw and explain a production possibilities frontier for an economy that produces milk and cookies. What happens to this frontier if disease kills half of the economy's cow population?

5. Use a production possibilities frontier to describe the idea of "efficiency."

Reference no: EM131197259

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