Homework 1 - Emilie Gein Jahiz Barlas Rec #002 Homework 1...

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Emilie Gein Jahiz Barlas Rec #002 Homework 1 1. Within the framework of the scientific method, why do economists use models to explain human behavior? –In the scientific method it is necessary to record data which proves/disproves a proposed hypothesis. It is difficult in economics to find a simplified economy or to create small-scale versions of whole economies of which to study. Therefore economists construct “thought experiments” which model real-life situations. They can get away with making assumptions that are demonstrably false in certain situations because they apply to most situations. It is impossible to make a perfect model for complex economies. 2. Use the concept of opportunity cost to explain the following observations: a. Fewer students enroll in classes at 8:00am than at 10:00am despite the same type and number of classes offered because the opportunity cost of an 8am class is the joy the student would receive from sleeping in. This opportunity cost is greater than any
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This note was uploaded on 03/30/2008 for the course ECON 1102 taught by Professor Someguy during the Winter '07 term at Minnesota.

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Homework 1 - Emilie Gein Jahiz Barlas Rec #002 Homework 1...

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