Any model is based on making assumptions because

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27-06-2022
Business

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Any model is based on making assumptions because

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Tundexi Tundexi · Answer 1 · 2022-06-28T12:52:09+02:00

Generally, the economic model is based on making assumptions because of an inability to analyze economic issue unless the complexity is reduced and the models have to be simplified to make it useful.

What is an economic model?

This refers to a simplified description of reality that is designed to yield hypotheses about economic behavior that can be tested.

However, this economic model is based on making assumptions because of an inability to analyze economic issue unless the complexity is reduced and the models have to be simplified to make it useful.