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Explain the roles of economics theory.
Roles of Economic Theory
An economic theory has three probable roles:
a. This can be used to describe economic behavior and economic phenomena into the real world.
b. This can make scientific predictions or deductions regarding possible outcomes and effects of adopted economic mechanisms while economic environments and individuals’ behavior are suitably described.
c. This can be used to refute faulty objectives or projects before they are actually undertaken. When a conclusion is not probable in theory, then this is not possible into a real world setting, as long as the assumptions were approximated realistically.
Illustrate the income changes and consumption choice. Income Changes and Consumption Choice: This is of interest to see at how the consumer’s demand changes when we hold pri
Double Jeopardy A condition where an entrepreneur's main source of income and net worth depend on the entrepreneur's organization.
When a worker is fired orlaid off, they experience a significant out-of-pocket cost. That cost of job loss relies on how much they were earning in their job, how long it takes them
to what extent does Marginal revenue productivity theory explain wage determination in Zimbabwe
what is comparative advantage
Consider a family saving function for the population of all families in the United States: sav = β 0 + β 1 inc + β 2 hhsize + β 3 educ + β 4 age + u where hhsize is househol
INDIVIDUAL DEMAND * Price Changes - Using figures developed earlier, the impact of a change in price of food can be shown by using indifference curves. Effect of Price
solution of central problem of an economy
maximum profits will occur at the output level
Public-Private Partnerships (PPPs):A form of financing public investment and sometimes the direct provision of public services, in that finance is provided by private investors (in
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