Economics Today and Tomorrow, Student Edition
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN: 9780078747663
Author: McGraw-Hill
Publisher: Glencoe/McGraw-Hill School Pub Co
Question
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Chapter 1.3, Problem 4R
To determine

Completely realistic model.

Expert Solution & Answer
Check Mark

Explanation of Solution

All the assumptions taken to form a model are constantly changing in the real world. For instance, in the model of law of demand, effect of price level on demand is explained while keeping all the other factors that may influence demand as constant. While, in the real world, all the factors are constantly changing. Due to this reason, it can be said that models can never be completely realistic.

Economics Concept Introduction

Introduction:

An economic model refers to the simplified form of reality. It is used to understand the behavior of economic variables and also to make predictions about the variables. To construct models many assumptions are taken to simplify the real behavior of variables.

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Chapter 1.3, Problem 3R
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Chapter 1.3, Problem 5R

Chapter 1 Solutions

Economics Today and Tomorrow, Student Edition

Ch. 1.1 - Prob. 1RCh. 1.1 - Prob. 2RCh. 1.1 - Prob. 3RCh. 1.1 - Prob. 5RCh. 1.2 - Prob. 1RCh. 1.2 - Prob. 2RCh. 1.2 - Prob. 3RCh. 1.2 - Prob. 4RCh. 1.2 - Prob. 5RCh. 1.3 - Prob. 1R
Ch. 1.3 - Prob. 2RCh. 1.3 - Prob. 3RCh. 1.3 - Prob. 4RCh. 1.3 - Prob. 5RCh. 1 - Prob. 1AACh. 1 - Prob. 2AACh. 1 - Prob. 3AACh. 1 - Prob. 4AACh. 1 - Prob. 5AACh. 1 - Prob. 6AACh. 1 - Prob. 7AACh. 1 - Prob. 8AACh. 1 - Prob. 9AACh. 1 - Prob. 10AACh. 1 - Prob. 11AACh. 1 - Prob. 12AACh. 1 - Prob. 13AACh. 1 - Prob. 14AACh. 1 - Prob. 15AACh. 1 - Prob. 16AACh. 1 - Prob. 17AACh. 1 - Prob. 18AACh. 1 - Prob. 19AACh. 1 - Prob. 20AACh. 1 - Prob. 21AACh. 1 - Prob. 22AACh. 1 - Prob. 23AACh. 1 - Prob. 25AA

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