As we have seen, models begin with [...] and then find the implications that can then be compared to real-world observations as a test of the model’s usefulness.
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1. INTRODUCTION ad><head>
By now it should be clear that economists are model builders. In the previous reading, we examined one of their most fundamental models, the model of demand and supply. And as we have seen, models begin with simplifying assumptions and then find the implications that can then be compared to real-world observations as a test of the model’s usefulness. In the model of demand and supply, we assumed the existence of a
last interval [days]
repetition number in this series
scheduled repetition interval
last repetition or drill
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