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Author Question: Explain how a model can be useful even if it is not realistic. What will be an ideal ... (Read 64 times)

laurencescou

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on: Jun 29, 2018
Explain how a model can be useful even if it is not realistic.
 
  What will be an ideal response?

Question 2

Refer to Figure 13-2. Ceteris paribus, an increase in workers and firms adjusting to having previously overestimated the price level would be represented by a movement from
 
  A) SRAS1 to SRAS2. B) SRAS2 to SRAS1. C) point A to point B. D) point B to point A.


johnharpe

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Reply #1 on: Jun 29, 2018
Answer to Question 1

Models are used to simplify reality to expose only those aspects of behavior that are important to the question being asked. Thus, while not realistic, the model gets at the heart of the matter and allows us to ignore irrelevant details.

Answer to Question 2

A


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