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Explain the purposes economists disagree and using models of economics.
Using Models of Economics:
a. Positive economics
b. Normative economics
A forecast is an easy prediction of the future.
There are two major purposes economists disagree:
a. they may disagree about which simplifications to make in a model
b. they may disagree about values
The rate of interest in the UK also showed very interesting results, to an impulse shock on oil price. The middle left graph from Fig 4.4 shows the results. Initially, in the short
explain the stages and various coordination mechanisms involved in policy processes.
Kermit is considering purchasing a new computer system. The purchase price is $106,430. Kermit will borrow one-fourth of the purchase price from a bank at 10 percent per year compo
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Henry Ford's Model T was originally designed and built to be run on ethanol. Today, ethanol (190-proof alcohol) can be produced with domestic stills for about $0.75 per gallon. Whe
exam notes of national income accounting
A restaurant/bar is analyzing its pricing of beer. It has determined that the price elasticity of demand for beer is 0.8, the cross-price elasticity for wine with respect to the pr
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Movie attendance dropped 8 percent as ticket prices rose a little more than 5 percent. What is price elasticity of demand for movie tickets? Could price elasticity be somewhat over
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