Why is deductive reasoning stronger than inductive reasoning? A. Because it makes assumptions based on supported ideas B. Because it builds on specifie instances to come to a conclusion C. Because it goes from something small to something large D. Because it uses emotional language to make a point
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- Why in Pure Specific Factors only Owner of A benefits but in Mixed both owners of K and owners of A will benefit?14. What assumption is important in using economic model to make predicitons? a) the law of demand b) the rationality assumption c) ceteris paribus/ other things being equal d)evryone being a price takerhello can you solve this question with figure and clearly explanation? Thank you.
- Individuals may not act in the rational, calculating way described by the economic model of decision making, measuring utility and costs at the margin, but can you make a case that they behave approximately that way?please only do: if you can teach explain steps of how to solve each part bEvery decision has an Opportunity Cost due to the nature of scarcity, there is always a better alternative not chosen, therefore, there is always an opportunity cost. “The opportunity cost of an alternative is what you give up to pursue it” (Froeb, McCann,Shor & Ward, 2016). When you go to a Maroon 5 concert, you give up $100 of benefits you would have received if you had gone to a Beyoncé concert. Also, you would also avoid $80 of cost for the Beyoncé concert. According to the definition below, the opportunity cost of seeing Maroon 5 concert is $100 - $80 = $20. Please delve into the statement there are always opportunity costs. How can an individual make the best decision? Is there a best decision? Would one miss an opportunity not attending one of the concerts? Include a minimum of one reference.
- I want neat and clean solution, to the point answer presented please.This is not a graded question. Kindly help me solve. This is a question from my lecture notes. I want to understand the steps involed in arriving at the anwer shown. Kindly explain all steps showing details of how the answer was arrived at. Please don't use langrangian law. Thanks a lot.What is scarcity? Why is scarcity central to the study of economics? Please give a real world example of scarcity. plzz explain properly without plagiarism
- The world in which we live is complex and to understand it, human beings make use of some orother simplification process. A theory can accordingly be seen as an attempt to simplify things.Such an observation may come as a surprise to those who have often heard remarks to the effectthat such and such a theory is difficult, or at the least terribly complicated. We should neverthelessremind ourselves that a theory involves an attempt to simplify things – it is the world out there thatis the complicated entity. A particular theory (or model) is merely trying to reduce it to manageableproportions, at least as far as understanding our environment is concerned.”In economics, theory is presented in a simple form by making the…1.23a) Post hoc assumptionb) Fallacy of compositionc) Ceteris paribus assumptiond) Blinkered approach1. Explain 4 ways in which human decisions making differs from the rational individual conventional economic theoryAnswer the given question with a proper explanation and step-by-step solution. can you help me solve this question im confused ?