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Why some economist say economics is useless?
economics is useless because it is based on assumptions made by economists............
Are there homogeneous products in an oligopoly?
Homogeneous products are in a monopoly, oligopoly, monopolistic, monopoly and pure competition according to economics. for the purpose of analysis.
Is positive economics subjective or objective?
It is both. Of course there are certain elements of economics that are undoubtedly objectively true, however, positive economics more often than not bases its conclusions on assumptions, and so, by the very fact of using these assumptions to arive at an objective truth, you are making a value judgement, therefore, more often than not, positive statements are objective conclusions based on subjective premises.
Is KFC an good example of a monopoly?
yes, kfc is good for all points u can earn money,economics for goverment.
Write four assumptions for your PPC model in economics?
Resources are fixed, All resources are fully employed, Technology is fixed & Only two things can be produced.
Why some economist say economics is useless?
economics is useless because it is based on assumptions made by economists............
Are there homogeneous products in an oligopoly?
Homogeneous products are in a monopoly, oligopoly, monopolistic, monopoly and pure competition according to economics. for the purpose of analysis.
What are facts about economics?
1) The study of economics comes about because of Scarcity. 2) It is mainly based on assumptions, and what we study usually don't apply in real life.
What has the author Jim Alvey written?
Jim Alvey has written: 'Philosophical and value assumptions underlying Jevon's political economy' -- subject(s): Economics, Mathematical Economics
Is positive economics subjective or objective?
It is both. Of course there are certain elements of economics that are undoubtedly objectively true, however, positive economics more often than not bases its conclusions on assumptions, and so, by the very fact of using these assumptions to arive at an objective truth, you are making a value judgement, therefore, more often than not, positive statements are objective conclusions based on subjective premises.
What has the author Jonathan Schlefer written?
Jonathan Schlefer has written: 'The assumptions economists make' -- subject(s): Economics, Economists
How behavioral economics deviates from this traditional economics?
To answer this in detail would take a whole semester, but the idea is that Behavioral economics augments the standard economic model. The SEM makes a lot of assumptions about behavior. We usually accept these assumptions because the model has predictive power, but sometimes it doesn't explain phenomenon as well as we would hope. The BEM alters the SEM so that the models have more predictive power.
Is KFC an good example of a monopoly?
yes, kfc is good for all points u can earn money,economics for goverment.
What are the limitation of micro economics?
Some of the limitations of Micro Economics are given below.1. Unrealistic Assumptions: Micro economics is based on unrealistic assumptions, especially in case of full employment assumption which does not exist practically. Even behaviour of one individual can not be generalised as the behaviour of all.2. Inadequate Data: Micro economics is based on the information dealing with individual behaviour, individual customers. Hence, it is difficult to get correct information. So because of incorrect data Micro Economics may provide inaccurate results.3. Ceteris Paribus: It assumes that all other things being equal (same) but actually it is not so.
What are the limitations of economic?
Some of the limitations of Micro Economics are given below.1. Unrealistic Assumptions: Micro economics is based on unrealistic assumptions, especially in case of full employment assumption which does not exist practically. Even behaviour of one individual can not be generalised as the behaviour of all.2. Inadequate Data: Micro economics is based on the information dealing with individual behaviour, individual customers. Hence, it is difficult to get correct information. So because of incorrect data Micro Economics may provide inaccurate results.3. Ceteris Paribus: It assumes that all other things being equal (same) but actually it is not so.
Write four assumptions for your PPC model in economics?
Resources are fixed, All resources are fully employed, Technology is fixed & Only two things can be produced.
What do mean by theoretical economics?
Theoretical economics refers to the abstract framework and models used to analyze economic phenomena and relationships. It focuses on developing theories and principles that explain how economies function, often relying on mathematical and statistical tools. Unlike applied economics, which seeks to address real-world problems, theoretical economics emphasizes understanding fundamental mechanisms and assumptions underlying economic behavior and systems.
