EBK MICROECONOMICS
5th Edition
ISBN: 9781118883228
Author: David
Publisher: YUZU
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Question
Chapter 1, Problem 5RE
To determine
The difference between the endogenous variable and exogenous variable is to be determined. The possibility to construct the model which contained only exogenous variable is to be determined.
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Check out a sample textbook solutionStudents have asked these similar questions
Which of the statements best describes an exogenous variable in an economic model?
An exogenous variable is a variable whose value does not have a relationship with the other variables in the model.
An exogenous variable is a variable whose value is not included in the model
An exogenous variable whose value does not change as the state of the economy changes
An exogenous variable is a variable whose value does change as the stae of the economy changes
Differentiate between an exogenous variable and an endogenous variable in an economic model? Why isn’t it useful to construct an economic model that contains only exogenous variables (and no endogenous variables)?
What is the difference between static and dynamic analysis in economics? When is each appropriate?
Chapter 1 Solutions
EBK MICROECONOMICS
Ch. 1 - Prob. 1RECh. 1 - Prob. 2RECh. 1 - Prob. 3RECh. 1 - Prob. 4RECh. 1 - Prob. 5RECh. 1 - Prob. 6RECh. 1 - Prob. 7RECh. 1 - Prob. 1.1PCh. 1 - Prob. 1.2PCh. 1 - Prob. 1.3P
Ch. 1 - Prob. 1.4PCh. 1 - Prob. 1.5PCh. 1 - Prob. 1.6PCh. 1 - Prob. 1.7PCh. 1 - Prob. 1.8PCh. 1 - Prob. 1.9PCh. 1 - Prob. 1.10PCh. 1 - Prob. 1.11PCh. 1 - Prob. 1.12PCh. 1 - Prob. 1.13PCh. 1 - Prob. 1.14PCh. 1 - Prob. 1.15PCh. 1 - Prob. 1.16PCh. 1 - Prob. 1.17PCh. 1 - Prob. 1.18PCh. 1 - Prob. 1.19PCh. 1 - Prob. 1.20PCh. 1 - Prob. 1.21P
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- Why do you think economic models are important in econometric? Explain.arrow_forwardHow does Homo Economicus influence economic models? Describe an argument against using Homo Economicus as the basis of economic theory.arrow_forwardSuppose you and your brother go out for dinner. Your brother orders a cheeseburger and fries. When the food first arrives, you ask your brother if you can have a few fries. He looks at you like you're crazy, and says, "No!" Then a few minutes later, after you've both started eating, you ask again, and your brother reluctantly says, "Sure. Go ahead." An economist's explanation for your brother's change of heart is most likely to be that your brother's marginal utility from eating additional french fries declines as he eats more of them, so he's more likely to share with you after he's eaten a few. your brother's total utility increases as he eats more french fries, so he's more likely to share with you after he's eaten a few. your brother's marginal utility from eating additional french fries increases as he eats more of them, so he's more likely to share with you after he's eaten a few. your brother's total utility declines as he eats more french fries, so…arrow_forward
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