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michael jacobo
on Oct 26, 2024

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In constructing a model,economists:

A) might use a computer simulation.
B) avoid making any assumptions.
C) assume that all relevant factors are constantly changing.
D) are prohibited from using mathematics.

Computer Simulation

The use of computer models to replicate the behavior of complex systems under various scenarios, often for analysis or prediction.

Economic Model

A simplified representation of an economic process or market designed to predict real-world behaviors and outcomes.

  • Comprehend the construction and significance of economic models and their use in simplifying real-world complexities.
  • Recognize the significance of assumptions in constructing economic models and their effects on the models' conclusions.
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Satish BabjiOct 30, 2024
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