Why must economic theories and models be abstract?
Question:
Why must economic theories and models be abstract?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 40% (5 reviews)
Economic theories and models must be abstract because they could ...View the full answer
Answered By
Mahesh G
I have more than 7 years of experience in teaching physics, mathematics and python programming to more than 600 students including both online and offline tutoring.
I follow the following 7 step fundamental approach towards tutoring.
1. Curiosity, scope, enlightenment of the topic in hand.
2. Problem Definitions and elaboration.
3. Requisite mathematics, analytical abilities and quantitative
aptitude.
4. Preparing Algorithms for problem statement.
5. Concepts with analogies and building algorithm.
6. Introspection and improvising.
7. Daily class wise Cheat sheets(its not cheating) for consolidation.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Abstract reasoning a. Define abstract reasoning, and explain why it is an important skill for business professionals. b. Explain how a list of items in inventory and their quantity on hand is an...
-
Why is it better for theories to be judged by how accurately they predict than by how they sound to us?
-
Why must the structure of nonpointer abstract data types be given in Ada package specifications?
-
The species-area curve tells us that slowing or halting___________ ___________ will potentially slow the rate of extinction.
-
Front Row has the following selected balances at the February 29, 2012: The following information is not reflected in these balances: a. On February 29, 2012, Front Row Entertainment accepted...
-
Zapex makes electronic components for handheld games and has identified several activities as components of manufacturing overhead: factory rent, factory utilities, quality inspections, mate rial...
-
International labor standards are complex and closely related to global sourcing. In particular, the use of sweatshops has attracted much attention. A sweatshop is a factory characterized by very low...
-
The Cardinal Group had filed on a consolidated basis for several years with its wholly owned subsidiary, Swallow, Inc. The group used a calendar tax year. On January 25, 2014, Heron acquired all of...
-
The following information is available for Tamarisk Company. Calculate the cost of goods manyfactured. ( Assume that all raw materials used were direct materials. ) \ table [ [ , January 1 , 2 0 2 7...
-
If you can sometimes get a high grade on an exam without studying, does it mean that additional studying does not lead to higher grades? Explain your answer.
-
How are self-interest and selfishness different?
-
Concerned about the political fallout from rising gas prices, the government cuts the tax on gasoline. Explain the effect of this tax cut on the price of gasoline and the quantity bought if, at the...
-
Maria A Solo (SSN 318-01-6921) lives at 190 Glenn drive, grand rapids, Michigan 49527-2005. Maria (age 45 and single) claims her aunt, Selda Ray (ssn 282-61-4011), as a dependent. Selda lives with...
-
A clinical trial was conducted to test the effectiveness of a drug used for treating insomnia in older subjects. After treatment with the drug, 11 subjects had a mean wake time of 95.1 min and a...
-
PROBLEM 13-3 Translation-Local Currency Is the Functional Currency LO7 (This problem is a continuation of the illustration presented in the chapter.) On January 2, 2019, P Company, a US-based...
-
The operations manager for a local bus company wants to decide whether he should purchase a small, medium, or large new bus for his company. He estimates that the annual profits (in $000) will vary...
-
Claim: Fewer than 8.2% of homes have only a landline telephone and no wireless phone. Sample data: A survey by the National Center for Health Statistics showed that among 13,215 homes 5.78% had...
-
Determine the sum or difference in clock 6 arithmetic. 4 + 6 6. 3 2.
-
How has the too-big-to-fail policy been limited in the FDICIA legislation? How might limiting the too-big-to-fail policy help reduce the risk of a future banking crisis?
-
A politician running for president of the United States promises to build new schools and new space stations during the next four years without sacrificing any other goods and services. Using a...
-
True or False: 1. Consumer sovereignty describes how individual consumers in market economies determine what is to be produced. 2. Command economies rely on central planning, where decisions about...
-
True or False: 1. Underutilized resources or those not being put to their best uses are illustrated by output combinations along the production possibilities curve. 2. We all have an interest in the...
-
Slow Roll Drum Co. is evaluating the extension of credit to a new group of customers. Although these customers will provide $198,000 in additional credit sales, 13 percent are likely to be...
-
Wendell's Donut Shoppe is investigating the purchase of a new $39,600 conut-making machine. The new machine would permit the company to reduce the amount of part-time help needed, at a cost savings...
-
1.Discuss the challenges faced with Valuing Stocks and Bonds. As part of this discussion, how will the selected item be implemented in an organization and its significance? 2. Discuss how Valuing...
Study smarter with the SolutionInn App