« previous next »

Author Question: The purpose of making assumptions in economic model building is to A) force the model to yield ... (Read 104 times)

dalyningkenk

  • Hero Member
  • *****
  • Posts: 598
on: Jul 1, 2018
The purpose of making assumptions in economic model building is to
 
  A) force the model to yield the correct answer.
  B) minimize the amount of work an economist must do.
  C) simplify the model while keeping important details.
  D) express the relationship mathematically.

Question 2

Assume a consumer has a horizontal demand curve for a product. His consumer surplus from buying the product
 
  A) is maximized.
  B) can't be calculated.
  C) equals zero.
  D) Need more information.


nixon_s

  • Sr. Member
  • ****
  • Posts: 359
Reply #1 on: Jul 1, 2018
Answer to Question 1

C

Answer to Question 2

C


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

The Centers for Disease Control and Prevention has released reports detailing the deaths of infants (younger than 1 year of age) who died after being given cold and cough medications. This underscores the importance of educating parents that children younger than 2 years of age should never be given over-the-counter cold and cough medications without consulting their physicians.

Did you know?

Lower drug doses for elderly patients should be used first, with titrations of the dose as tolerated to prevent unwanted drug-related pharmacodynamic effects.

Did you know?

As the western states of America were settled, pioneers often had to drink rancid water from ponds and other sources. This often resulted in chronic diarrhea, causing many cases of dehydration and death that could have been avoided if clean water had been available.

Did you know?

Multiple experimental evidences have confirmed that at the molecular level, cancer is caused by lesions in cellular DNA.

Did you know?

People often find it difficult to accept the idea that bacteria can be beneficial and improve health. Lactic acid bacteria are good, and when eaten, these bacteria improve health and increase longevity. These bacteria included in foods such as yogurt.

Axon terminal model Axon terminal model
Daniel Burnham’s Flatiron Building (1902) was one of the first to use steel girders to hold up the b Daniel Burnham’s Flatiron Building (1902) was one of the first to use steel girders to hold up the b
Power in the United States: The Model Proposed by C. Wright Mills Power in the United States: The Model Proposed by C. Wright Mills
Giger and Davidhizar’s Transcultural Assessment Model. Giger and Davidhizar’s Transcultural Assessment Model.
Indicators of Economic Development Indicators of Economic Development
The attenuation model regulating the tryptophan operon The attenuation model regulating the tryptophan operon
Video: Natural Selection, Species Isolation and Real World Example

For a complete list of videos, visit our video library