Describe the difference between the "endogenous" and the "exogenous" variables of an economic model. Which type of variable is, by construction, independent of all of the other variables in a model? In the supply/demand model of a competitive market which variables are endogenous and which are exogenous (give at least 3 of each type)?

Describe the difference between the "endogenous" and the "exogenous" variables of an economic model. Which type of variable is, by construction, independent of all of the other variables in a model? In the supply/demand model of a competitive market which variables are endogenous and which are exogenous (give at least 3 of each type)?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter1: Welcome To Economics!

Section: Chapter Questions

Problem 26CTQ: Suppose, as an economist, you are asked to analyze an issue unlike anything you have ever done...

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