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?
REPOND TO RESPONCE BELOW WITH AT LEAST 250 WORDS CITATION AND REFRENCE Pricing and Economic Strategies: Odd Pricing Odd pricing is a psychological
REPOND TO RESPONCE BELOW WITH AT LEAST 250 WORDS CITATION AND REFRENCE Pricing and Economic Strategies: Odd Pricing Odd pricing is a psychological pricing strategy that involves ending pri