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.

intermediate microeconomics - jenny, Saturday, November 17, 2012 at 12:27pm
is my answer to my question right?

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