Illustrates stages of production of an economic conclusion, Microeconomics

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Illustrates the stages of the production of an economic conclusion?

The production of an economic conclusion generally goes into three stages as follows:

Stage 1: It is non-mathematical language stage, generates preliminary outputs, propose economic concepts, conjectures and intuitions.

Stage 2: It is mathematical language stage, generates intermediate outputs, provide a formal and rigorous result by mathematical modelling which specifies the boundary of a theory.

Stage 3: It is non-technical language stage, generates last outputs, conclusions, insights and statements which can be understood through non-specialists.


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