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Ch1App___Models___Tools__Handouts_

# Ch1App___Models___Tools__Handouts_ - Getting Started Models...

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Getting Started CHAPTER 1 app Models & Tools

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Economic Models ! An Economic Model is an abstraction from reality that allows us to examine a question f i t t of interest. E W ’ t d i h i di id l ll t th 24 Ex-We’re studying how individuals allocate the 24 hours of each day to Work, Leisure, and Sleep. Work = 12hrs Leisure = 4hrs Sl 8h Sleep = 8hrs
Graphs Y-intercept X-intercept 25 y 20 15 (0,15) 10 (30,0) 5 0 10 20 30 x

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Graphs Y-intercept = X-intercept = 25 y 20 15 (0,15) 10 (30,0) 5 0 10 20 30 x
Graphs ! Slope of a straight line: Ratio of vertical change to the corresponding horizontal change as we move from left to right along the line. 25 (0 15)

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Ch1App___Models___Tools__Handouts_ - Getting Started Models...

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