What are advantages of using mathematics in modern economics, Microeconomics

Assignment Help:

What are the advantages of using mathematics in Modern Economics?

Many of the advantages of using mathematics are as follows:

a. The “language” used and the explanations of assumptions are clearer, more exact, and more precise,

b. The logical process of analysis is more rigorous and obviously sets the boundaries and limits of a statement,

c. This can provide a new result which may not be easily acquired by observation alone, and

d. This can decrease needless debates and enhance or extend existing results.

This should be remarked that, though mathematics is of critical significance in modern economics, but economics is not mathematics. Economics utilizes mathematics like a tool in order to model and analyze different economic problems. Econometrics and Statistics are used to test or analyze and measure the accuracy of our predication, and specify causalities between economic variables.


Related Discussions:- What are advantages of using mathematics in modern economics

Elasticity, What are the uses of elasticity’s to the public sector and priv...

What are the uses of elasticity’s to the public sector and private sector?

What is neoliberalism, Neoliberalism So much thinking about the proper ...

Neoliberalism So much thinking about the proper role of government in economic growth over the past 2 decades has tends to conclusions which are today known as neo-liberal. The

MIF, What is the purpose of the IMF and why might the IMF be called the “le...

What is the purpose of the IMF and why might the IMF be called the “lender of last resort”? Discuss how three of the tools they use for establishing economic stability in a country

Inflation-unemployment trade-off under adaptive expectations, Inflation-Une...

Inflation-Unemployment Trade-off under Adaptive Expectations : By the late 1960s, the inverse relation between inflation and unemployment as suggested by the Phillips curve was

PPC, could a nations production possibilities curve ever shift inward

could a nations production possibilities curve ever shift inward

Exit strategy, Exit Strategy The exit strategy denotes that which inves...

Exit Strategy The exit strategy denotes that which investors in an organizations realize all or elements of their investment, regardless of the organizations success.

Game theory, Characteristics of prisoners dilemma

Characteristics of prisoners dilemma

Assignment, In the table below are given the output (X), T.C., and Price fo...

In the table below are given the output (X), T.C., and Price for a firm. Complete the following table, and then answer the questions at the bottom of the table.   X T.C P=A.R

Calculate the traditional net present value, Fiera Corporation is evaluatin...

Fiera Corporation is evaluating a new project that costs $45,000.  The project will be financed using 40% debt and 60% equity, thus maintaining the firm's current debt-to-equity ra

Write Your Message!

Captcha
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