Why must economic theories and models be abstract?
Question:
Why must economic theories and models be abstract?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 40% (5 reviews)
Economic theories and models must be abstract because they could ...View the full answer
Answered By
Mahesh G
I have more than 7 years of experience in teaching physics, mathematics and python programming to more than 600 students including both online and offline tutoring.
I follow the following 7 step fundamental approach towards tutoring.
1. Curiosity, scope, enlightenment of the topic in hand.
2. Problem Definitions and elaboration.
3. Requisite mathematics, analytical abilities and quantitative
aptitude.
4. Preparing Algorithms for problem statement.
5. Concepts with analogies and building algorithm.
6. Introspection and improvising.
7. Daily class wise Cheat sheets(its not cheating) for consolidation.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Abstract reasoning a. Define abstract reasoning, and explain why it is an important skill for business professionals. b. Explain how a list of items in inventory and their quantity on hand is an...
-
Why is it better for theories to be judged by how accurately they predict than by how they sound to us?
-
Why must the structure of nonpointer abstract data types be given in Ada package specifications?
-
The species-area curve tells us that slowing or halting___________ ___________ will potentially slow the rate of extinction.
-
Front Row has the following selected balances at the February 29, 2012: The following information is not reflected in these balances: a. On February 29, 2012, Front Row Entertainment accepted...
-
According to the Gallup-Health ways Well-Being Index Survey conducted January 2December 20, 2014, 35.2% of the adults are overweight and 27.7% are obese. What is the probability that a randomly...
-
The rate at which the magnetic flux inside a wire loop decays is given by \(\Phi_{B}(t)=\Phi_{B, i} e^{-\beta t}\), where \(\beta=0.50 / \mathrm{s}\) and \(\Phi_{B, i}=4.0 \mathrm{~Wb}\). What is the...
-
The cost to Swank Company of manufacturing 20,000 units of a particular part is $255,000, of which $100,000 is fixed and $155,000 is variable. The company can buy the part from an outside supplier...
-
3. A particle of mass m is moving in the xy-plane such that its velocity at a point (x, y) is given as v = a(yx+2xy), where a is a non-zero constant. What is the force F acting on the particle? (A) F...
-
If you can sometimes get a high grade on an exam without studying, does it mean that additional studying does not lead to higher grades? Explain your answer.
-
How are self-interest and selfishness different?
-
What activities are involved in the selection process? Think of the last time you were hired for a job. Which of those activities were used in selecting you? Should the organization that hired you...
-
In this assignment, you will examine GDP for different countries and the factors that lead to different rates of economic growth among countries and you will be asked for your economic advice.
-
Supervised parole is a useful tool and helps with reentry into society. Why is supervised parole such an important tool and how does it help to reintegrate newly-released individuals into society? As...
-
MY OPINION ABOUT THIS Mr. Post gives a wonderful list of tips to keep in mind while performing legal research and writing. My favorite is his first tip. He describes the writing we do as a...
-
Assignment Documents Read the article, "U.S. Health Care from a Global Perspective, 2019: Higher Spending, Worse Outcomes?"(See article attached below or review the Reading and Resources for Module...
-
2. In Diffie-Hellman key exchange, each user chooses a private X, calculates a public Y, and after exchanging Y, calculates K where for user a: Y = axa mod q; Ka= Yxa mod q ; q is a prime number;...
-
Suppose the demand function for jelly beans in Cincinnati is linear. Two years ago, the price of jelly beans was $1 per pound, and consumers purchased 100,000 pounds of jelly beans. Last year the...
-
The words without recourse on an indorsement means the indorser is: a. not liable for any problems associated with the instrument. b. not liable if the instrument is dishonored. c. liable personally...
-
A politician running for president of the United States promises to build new schools and new space stations during the next four years without sacrificing any other goods and services. Using a...
-
True or False: 1. Consumer sovereignty describes how individual consumers in market economies determine what is to be produced. 2. Command economies rely on central planning, where decisions about...
-
True or False: 1. Underutilized resources or those not being put to their best uses are illustrated by output combinations along the production possibilities curve. 2. We all have an interest in the...
-
You are the engineering representative on a team for a new product introduction. The proposed manufacturing process uses a semi-automated machine along with people. Components for cach unit of the...
-
Discuss how future challenges facing healthcare information systems will change the future of healthcare deliver?
-
A tariff is: A fee applied to domestic purchase. A tax levied on goods entering a country. The British equivalent of net profit. A tax applied to good leaving a country by the country of origin. ...
Study smarter with the SolutionInn App