Illustrates stages of production of an economic conclusion, Microeconomics

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.

Posted Date: 9/7/2013 7:54:00 AM | Location : United States







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