EBK MICROECONOMICS
5th Edition
ISBN: 9781118883228
Author: David
Publisher: YUZU
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Question
Chapter 1, Problem 5RE
To determine
The difference between the endogenous variable and exogenous variable is to be determined. The possibility to construct the model which contained only exogenous variable is to be determined.
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Students have asked these similar questions
Differentiate between an exogenous variable and an endogenous variable in an economic model? Why isn’t it useful to construct an economic model that contains only exogenous variables (and no endogenous variables)?
What is the difference between static and dynamic analysis in economics? When is each appropriate?
Which of the statements best describes an exogenous variable in an economic model?
An exogenous variable is a variable whose value does not have a relationship with the other variables in the model.
An exogenous variable is a variable whose value is not included in the model
An exogenous variable whose value does not change as the state of the economy changes
An exogenous variable is a variable whose value does change as the stae of the economy changes
Chapter 1 Solutions
EBK MICROECONOMICS
Ch. 1 - Prob. 1RECh. 1 - Prob. 2RECh. 1 - Prob. 3RECh. 1 - Prob. 4RECh. 1 - Prob. 5RECh. 1 - Prob. 6RECh. 1 - Prob. 7RECh. 1 - Prob. 1.1PCh. 1 - Prob. 1.2PCh. 1 - Prob. 1.3P
Ch. 1 - Prob. 1.4PCh. 1 - Prob. 1.5PCh. 1 - Prob. 1.6PCh. 1 - Prob. 1.7PCh. 1 - Prob. 1.8PCh. 1 - Prob. 1.9PCh. 1 - Prob. 1.10PCh. 1 - Prob. 1.11PCh. 1 - Prob. 1.12PCh. 1 - Prob. 1.13PCh. 1 - Prob. 1.14PCh. 1 - Prob. 1.15PCh. 1 - Prob. 1.16PCh. 1 - Prob. 1.17PCh. 1 - Prob. 1.18PCh. 1 - Prob. 1.19PCh. 1 - Prob. 1.20PCh. 1 - Prob. 1.21P
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- Why do you think economic models are important in econometric? Explain.arrow_forwardWhich of the following is not correct about most economic models? A) They are composed of equations and diagrams. B) They contribute very little to economist's understanding. C) They omit many features of the real world economy. D) In constructing models, economists make assumptions.arrow_forwardThe methodology of ________ economics says that models should be based on predictions and not assumptions.arrow_forward
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