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?
There are 6 balls in the bowl, of which is white and the rest black. Person A hasno knowledge of how to make balls the colors are determined, so
There are 6 balls in the bowl, of which is white and the rest black. Person A hasno knowledge of how to make balls the colors are determined, so according to hispreconception all options (0,1,2,3,4,5,6) for are equal likely.The person picks up the ball from the bowl at random, returning it to the bowland