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Principles of Microeconomics (Mind...

8th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781305971493

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BuyFindarrow_forward

Principles of Microeconomics (Mind...

8th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781305971493
Chapter 2, Problem 3QR
Textbook Problem
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Should an economic model describe reality exactly?

To determine
The reality of economic models.

Explanation of Solution

An economic model is a simplified framework of the real, complex world or a simplified version of reality used to analyze the real-world economic situation and issues. The economist uses the models for the generation of different economic ideas, new concepts, formulation of new principles, ...

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