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April 21, 2014

Homework Help: intermediate microeconomics

Posted by jenny on Saturday, November 17, 2012 at 11:34am.

why is modelling useful, despite being a simplified version of reality?

my answer:

answer: an economic model attempts to describe every aspect of reality. a models power stems from the elimination of irrelevant detail which allows the economist to focus on the essential feature of the economic reality he or she is attempting to understand.

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