lectur2-page41 - determinant may have individually then we...

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It can be tough to predict how people will respond to a price change if we have ten different factors that can be changing at the same time, or over a period of time. We first need to understand how each determinant can affect the outcome while holding all the others constant. Once we understand the impact that each
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Unformatted text preview: determinant may have individually, then we can start to make more accurate predictions based on more than one determinant changing simultaneously. We first must learn to crawl before we walk, and walk before we run. We will need to follow this same sequence as we explore economics. 41...
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