Can unrealistic assumptions provide useful outcomes


Question 1. When do assumptions made in conjunction with economic theorizing have to be realistic? Can unrealistic assumptions provide useful outcomes?

Question 2. In contrast to a socialist economic organization, how would a capitalist system differ? Consider who owns the capital (means of production) in the two models.

Solution Preview :

Prepared by a verified Expert
Microeconomics: Can unrealistic assumptions provide useful outcomes
Reference No:- TGS02105482

Now Priced at $20 (50% Discount)

Recommended (90%)

Rated (4.3/5)