FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. (15 points) Building an economic model requires many simplifying assumptions. In your own words, provide a justification for studying simplified models in order to

image text in transcribed
image text in transcribed
1. (15 points) Building an economic model requires many simplifying assumptions. In your own words, provide a justification for studying simplified models in order to provide insights for the the real world. Is there a time when we should worry about the assumptions that are being made when developing a model? Please explain why or why not

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essentials Of Advanced Macroeconomic Theory

Essentials Of Advanced Macroeconomic Theory

Authors: Ola Olsson ]

1st Edition

9780415685085

More Books

Students also viewed these Economics questions

Question

★★★★★
A former theological student, Heavn Hardley, has turned to chemistry and, during his eighth year of graduate study, has carried out the following reaction: Unfortunately, Hardley thinks he may have...

Answered: 1 week ago

Question

★★★★★
The parallel-plate capacitor of Figure 6.40 is quarter-filled with mica ( r = 6). Find the capacitance of the capacitor. 2 mm 10 cm

Answered: 1 week ago

Question

★★★★★
When is the application deadline?

Answered: 1 week ago

Question

★★★★★
Presented below are selected qualitative characteristics of accounting information. 1. Relevance 2. Neutrality 3. Verifiability 4. Timeliness 5. Faithful representation 6. Comparability 7....

Answered: 1 week ago

Question

★★★★★
Bright Pea Expansion Bright Pea (BP) was founded in Manitoba in 2001 by Nancy Rock. Over the years, BP has had significant growth and loyal following of customers. In the late 2000s, BP went through...

Answered: 1 week ago

Question

★★★★★
review the case study Southwest Airlines: In a Different World , then respond to the following question: What kinds of things over which Southwest's management has some control could go wrong, and...

Answered: 1 week ago

Question

★★★★★
Business Operations Management - Tutorial 1 When we define a 'system' (in this case the system represents our operation) we make judgements about where to draw boundaries. In this context the supply...

Answered: 1 week ago

Question

★★★★★
Promotions should satisfy several business rules. One such rule is to limit the frequency of promotions for a particular SKU. For example, a retailer may insist that a particular product is promoted...

Answered: 1 week ago

Question

★★★★★
A program in Python that outputs the common names of five of the world's smallest known bird species. Your output should include the common name and size of each species. You can find this...

Answered: 1 week ago

Question

★★★★★
Consider Peter Drucker's well-known statement that "Culture eats strategy for breakfast." Do you think that Drucker is right? If not, why not? Explain your reasoning. Please use references

Answered: 1 week ago

Question

★★★★★
1. A brief paragraph introducing Coca Cola company, its cyber environment and provide a high-level overview of Coca Cola's need for a cyber risk mitigation strategy. (Paragraph introducing Coca Cola...

Answered: 1 week ago

Question

★★★★★
A tow truck is pulling a car out of a ditch by means of a steel cable (Y = 2.0 x 1011 N/m2) that is 9.66 m long and has a radius of 0.487 cm. When the car just begins to move, the tension in the...

Answered: 1 week ago

Question

★★★★★
6. Give an example of how the liking principle can be used to influence others.

Answered: 1 week ago

Question

★★★★★
5. Give an example of how the consensus principle can be used to influence others.

Answered: 1 week ago

Question

★★★★★
9. Give an example of how the word because can trigger a cognitive reflex in another party.

Answered: 1 week ago

Previous Question Next Question