Completely realistic model.
Explanation of Solution
All the assumptions taken to form a model are constantly changing in the real world. For instance, in the model of
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.
Chapter 1 Solutions
Economics Today and Tomorrow, Student Edition
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