An economic model and a good economic model

Assignment Help Business Economics
Reference no: EM13732544

1. An economic model

a. uses equations to understand normative economic phenomena

b. often omits crucial elements

c. simplifies reality in order to focus on crucial elements

d. tries to make simple concepts more complex

e. cannot be proven wrong

2. A good economic model

a. is as simple as possible, including only necessary details

b. is as complex as possible, including many details

c. represents reality as concretely as possible

d. tries to be as detailed as the reality it is describing

e. is very detailed regardless of its purpose

Reference no: EM13732544

Questions Cloud

Combinations of goods on production possibilities frontier : Combinations of goods on the production possibilities frontier
Opportunity cost of attending the concert equals : Carl is considering attending a concert with a ticket price of $35. He estimates that the cost of driving to the concert and parking there will total an additional $20. In order to attend the concert, Carl will have to take time off from his part-tim..
What is the meaning of a derived demand : The demand for labor is said to be a "derived" demand. What is the meaning of a derived demand? How does this concept help to determine the demand for labor
Case study-merger and acquisition : Throughout this course, you will review scenarios involving Company A, which has been acquired by Company B. Company A was founded in 1956 in Mobile, Alabama.
An economic model and a good economic model : An economic model and A good economic model
Explian how your inn would create value : Describe how your inn would create value and Value is often defined as the benefits in excess of the costs. What we think of as a good value really means we think the benefits we receive from a purchase out-weigh the price of our purchase
Positive economics deals with : Positive economics deals with
Noble action-sacred call or desire : 1- "Noble Action, Sacred Call, or Desire" Please respond to the following:
Write an essay on women and flexibility in the workplace : Short Paper on Women and Flexibility in the Workplace. After viewing Women as change agents in America: Determine why Kathleen Christensen believes that the flexibility of women in the workplace.

Reviews

Write a Review

Business Economics Questions & Answers

  Multiplier effect

Draw and show the change in the PPF when an outbreak of avian flu sickens millions of agricultural and industrial workers.

  Hospitals are engaged in intense competition to fill

Hospitals are engaged in intense competition to fill maternity beds. What type of advertising would hospitals most likely use to advertise their new amenities like hot tubs in every room, filet mignon or lobster on the menu, and afternoon teas for th..

  Assuming interest rates remain constant for the next

Three $1,000 face value bonds that mature in 10 years have the same level of risk, hence their YTMs are equal. Bond A has an 8% annual coupon, Bond B has a 10% annual coupon, and Bond C has a 12% annual coupon. Bond B sells at par.

  Each firm is deciding to offer a frequent flyer program

In the Castorian Airline market there are only two firms. Each firm is deciding whether to offer a frequent flyer program.

  Q1 sallys firm produces granola bars with a fixed cost of

q1. sallys firm produces granola bars with a fixed cost of 10 this cost is already sunk. her variable cost function is

  Classify the economic system of the country

For the country you examined in discussion 1, use the summary of types of economic systems to classify the economic system of the country. Is this an evolving economic system, i.e. a system in transition to another type of system?

  Unemployment insurance benefit

The Employment and Training Administration reported that the U.S. mean unemployment insurance benefit was $238 per week. A researcher in the state of Virginia anticipated that sample data would show evidence that the mean weekly unemployment insuranc..

  What factors influence under amours ability

What factors influence Under Amour's ability to make an economic profit in the cross-training shoe market.

  Q this is a drag-and-drop question click on the curves

q. this is a drag-and-drop question. click on the curves below and drag them to a new location on the graph that will

  Stabilize aggregate demand

If instead the Fed wants to stabilize aggregate demand, how should it change the money supply..

  Q1 when you were a child living at home your parents or

q1. when you were a child living at home your parents or guardians paid for the food utilities and clothes that you

  Explain how much in excess reserves does abc holds

Suppose the T-account for ABC bank is as follows: assets: reserves($150000), loans(250,000)and deposits $400,000.if the fed requires banks to hold a 10 percent of deposits as reserves explain how much in excess reserves does ABC holds.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd