Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

All economic models must involve simplifications because a. economists would be unable to command high salaries if their models were so simple that anyone could

All economic models must involve simplifications because

a.

economists would be unable to command high salaries if their models were so simple that anyone could understand them

b.

human behavior is very erratic and unpredictable

c.

reality is too complex to understand in its entirety, so we must reduce it to a level that we can understand

d.

they always try to duplicate all possible information and cover all possible variables that might influence decision making

e.

we must rely on value judgments and ignore reality

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_2

Step: 3

blur-text-image_3

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

The Quality Audit Handbook

Authors: Asq Quality Audit Division, J. P. Russell

2nd Edition

087389460X, 978-0873894609

More Books

Students also viewed these Accounting questions