Explain about the Economic Model

Economic models are most generally based upon: (i) specification of all interdependencies among all relevant economic variables. (ii) “other things equal” assumptions. (iii) equations which specify how to maximize financial profits. (iv) a objective of minimizing equilibrium inefficiency. (v) computer simulations of behavior.

I need a good answer on the topic of Economic problems. Please give me your suggestion for given query as in above.

View Complete Question

Related Questions in Public Economics

Q : Determine when a good is scarce A good

A good is scarce when: (1) individuals are willing to pay a positive price for more of this. (2) this is socially but not individually beneficial. (3) individuals are willing to pay to have this not produced. (4) more is obtainable at

Q : Entrepreneur in economic profit

Economic profit is the entrepreneur's: (i) payment to managers for their services. (ii) capital stock minus depreciation. (iii) reward for innovation and bearing risks. (iv) difference between monetary cost and total income. (v) opportunity cost for capital.

Q : Improvements in Economic growth I have

I have a problem in economics on Improvements in Economic growth. Please help me in the following question. Economic growth would be encouraged by enhancements in: (1) Economic efficiency. (2) Technology. (3) People’s attitudes. (4) Unemployment

Q : Define an example of a free good of

The closest of the given to being a free good would be from below: (i) affection and support by your parents. (ii) a $100 bill you determined after a stiff breeze blew this onto your porch. (iii) health insurance given by a firm to all its workers. (iv) the second bag

Q : When is Economics LEAST related with

Economics like a science is LEAST related with how people: (w) try to make themselves happy. (x) utilize resources to try to satisfy their desires. (y) adjust to changes within government policies. (z) morally justify cheating upon their income taxes.

Q : Price elasticity of demanded in

The price elasticity of demand is the relative proportional change within the: (1) quantity of a good demanded yielded by a given absolute price change. (2) price generated through a specified change in quantity demanded. (3) quantity of a good demand

Q : Explain about the Opportunity Cost in

Opportunity cost is explained as the value of the: (w) best alternative specified for the decision made. (x) sum of all alternative choices while a decision is made. (y) monetary cost of making a decision. (z) cost incurred while one ignores alternati

Q : Problem on equivalent amounts of goods

Can someone help me in finding out the right answer from the given options. According to the equivalent share criterion of distribution, individuals must: (i) Share income according to personal requirement. (ii) All produce equivalent shares of output. (iii) Each cons

Q : Human happiness in an economic problems

Can someone help me along with best solution about problem of economic that anything which adds to human happiness is an economic: (1) factor of production, (2) good, (3) commodity, (4) resource and (5) product? How can I solve my economics problems w

Q : Invisible hand of Adam Smith “

“Invisible hand” of Adam Smith refers to the combined results of: (w) monopoly plus altruism. (x) democracy and freedom. (y) self-interest plus competition. (z) taxes and government regulation.

Discover Q & A

Leading Solution Library

Avail More Than 1415899 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1925156
Asked

3,689

Active Tutors

1415899

Questions
Answered

Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!

Submit Assignment