Consider how an economic model can be viewed as a simplified description of reality, designed to yield hypotheses about economic behavior that can be tested. In essence, a simulation. Hence, one important element of an economic model is that it is necessarily subjective in design because there are no objective measures of economic outcomes. If different economists make different judgments about what is needed, how can we tell if a model is ‘useful’? What does this tell us about economic behavior?
Hello all– Here is the final exam: FinalExam_Fall2024.docx FinalExam_Fall2024.pdf Johnson and Minuci paper: Johnson_Minuci_2019_RacialDiscriminationNBASalary.pdf You may NOT work together on this exa
Hello all– Here is the final exam: FinalExam_Fall2024.docx FinalExam_Fall2024.pdf Johnson and Minuci paper: Johnson_Minuci_2019_RacialDiscriminationNBASalary.pdf You may NOT work together on this exam. You may look at your notes, the internet, and the textbook. All answers should be typed. Any mathematical derivations may be written by hand. Partial credit will be awarded to