0
The economists make assumptions while developing models because they are taken into consideration what the scenario would look like say after 10 years.However these assumptions are not hypothetical and are based on intricate mathematical calculations.The assumptions are important since the models cannot be developed without taking into consideration the future aspect.
Add your answer:
Earn +20 pts
How can politics complicate fiscal policy?
Politicians, and the constituents they claim to represent, often have different policy objectives than economic efficiency. That is, while economists often can and have established models for optimal fiscal policies, their end goals differ from those of politicians, so policy is complicated because groups with different desired outcomes must reach a compromise policy.
What is the average cost of a thermal imager from Fluke?
The website Fluke has a lot of information on the various of different models of thermal imagers. The website also has a list of pricing based on models, a few models cost $2,495, while other models cost $4,495 and $5,495.
What is the difference between developing countries and less developed countries?
May be related with potential to develop,some are in stages of developing while others are just a mile behind the success.
Why would an accountant say a firm is making a profit and an economist say it is losing money?
Economists always include both implicit and explicit costs in the calculation of their profits while accountants only cater for explicit costs when calculating profits.So due to the inclusion of opportunity costs, which can be termed implicit costs, economists' profits will always be lower than accountants' profits.Hence an accountant may say they are making profits while it is different from an economist's view.
What are the 3 basic economic system models?
The 3 basic economic system models are mixed economy, command economy, and free-market economy. In a mixed economy recourse are owned publicly and privately while in a command economy resources are owned by the government.
How is physical model different from mathematical model?
A physical model is a representation of a system using physical components, while a mathematical model is a representation using mathematical equations. Physical models are tangible and can be observed, while mathematical models rely on calculations and assumptions based on mathematical principles. Both types of models serve to simulate and understand real-world phenomena.
Assumptions can be either explicit conscious statements or belief or subconscious beliefs taken for granted. Assumptions fall into what two categories?
Assumptions can fall into two categories: explicit assumptions, which are consciously stated or believed, and implicit assumptions, which are subconscious beliefs taken for granted. Explicit assumptions are those that are openly expressed and acknowledged, while implicit assumptions are underlying beliefs that may not be overtly stated but still influence thoughts and actions.
What are the two categories of assumptions in critical thinking?
The two categories of assumptions in critical thinking are explicit assumptions, which are openly stated, and implicit assumptions, which are not directly stated but can be inferred from the context or background knowledge. Explicit assumptions are easier to identify and challenge, while implicit assumptions require deeper analysis to uncover their impact on reasoning.
Is Louis Dell'olio gay?
No, Louis is married to his wife Jacqueline (Jacque) whom he met while she was modeling clothes. Jacque accompanies Louis to his QVC visits and also models his clothes along with the QVC models. They live in Connecticut.
What were the primary occupations of the philosophes?
Philosophes is French for philosophers. They often were writers and journalists. Some of them went into teaching, while others were social activists and economists.
How can politics complicate fiscal policy?
Politicians, and the constituents they claim to represent, often have different policy objectives than economic efficiency. That is, while economists often can and have established models for optimal fiscal policies, their end goals differ from those of politicians, so policy is complicated because groups with different desired outcomes must reach a compromise policy.
Did Portugal explore Africa while developing a route to Asia?
Portugal ;)
What is the ribbon called that all the models wear while modeling?
More information is needed to describe the "ribbon" you are asking about because there currently is no such thing that all models wear while they are modeling.
What are the classification of operation research model?
Operations research models are typically classified based on their structure and nature, with common classifications including deterministic vs stochastic models, static vs dynamic models, and discrete vs continuous models. Deterministic models assume perfect information and known inputs, while stochastic models factor in uncertainty and randomness. Static models are based on a single period of time, while dynamic models consider multiple time periods. Discrete models involve integer or binary decision variables, whereas continuous models use real-valued variables.
What is the similarity between computer models and physical models?
They are both models, andthey both can be explained.
What materials are used to make models?
That depends on the purpose of the model. Children's models are usually made of plastic pieces that have to be glued together, while climate models are virtual models made of computer calculations. using equations.
Are the Victoria's Secret models the same models and the pink models?
Both the Pink models and the traditional VS models fall under the Victoria's Secret labels. However, not all of the models do both VS and Pink. There are some models that only do the Pink line, while there are others that stick to the traditional VS line, or those that do both.
