Solved: Explain the importance of the ceteris paribus assumption, Microeconomics

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Explain the importance of the ceteris paribus assumption

Problem

1. Explain why it is important for an economic model to be an abstraction from the real world.

2. Explain the importance of the ceteris paribus assumption for an economic model.

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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Microeconomics: Explain the importance of the ceteris paribus assumption

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