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Tags
#cfa #cfa-level-1 #economics #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #study-session-4-microeconomics-analysis
Question

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.

Answer
simplifying assumptions

Tags
#cfa #cfa-level-1 #economics #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #study-session-4-microeconomics-analysis
Question

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.

Answer
?

Tags
#cfa #cfa-level-1 #economics #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #study-session-4-microeconomics-analysis
Question

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.

Answer
simplifying assumptions
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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

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