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Theories and Models
?? Microeconomic Analysis
– Theories are taken in use to describe the observed phenomena in terms of a set of essential rules and hypothesis. For instance
– The Theory of Consumer Behavior
– The Theory of the Firm
– Models:
A mathematical interpretation of a theory utilized to make a forecast.
– Validate a Theory
The validity of a theory is checked by the quality or value of its prediction, known by the assumptions.
– Evolving the Theory
Examining and refining theories is essential to the development of the science of economics.
given the cost function as C=0.3Q3-2Q2+13Q+25,find the supply function
give me answer of theory of product prices
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Q=10-2P,PRICE DECREASE FROM RS 3 TO 2
Lack of Integration in Policy Formulation and Policy Implementation: A common thread uniting these diverse diagnoses and prescriptions can be seen among most of the critical e
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