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why did Solow model assume At as a black box in economics? Explain in brief.
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- Explain why it is important for an economic modelto be an abstraction from the real world.Discuss the concepts represented by each of the following models How are they related?In an empirical economic analysis, how does the econometric model relate to the economic model? Check all that apply. The economic model imposes a functional form on the more generally specified econometric model. The economic model attempts to account for the variables in the econometric model that cannot be reasonably observed. The economic theory is used to choose the variables in the economic model but not the variables in the econometric model. The econometric model imposes a functional form on the more generally specified economic model.
- Using sound economic theory, develop a macroeconomic econometric model that would test the relationshipbetween globalisation and economic development in South Africa. You are to state the a priori expectations ofwhat the model would tell us, and you are to write the model using ‘Word Equation’. Finally, each variable that isincluded must be justified regarding its relevance for being there.What is the best and the worst economic theory of adam smith as an economist?. Find the equilibrium solution of given economic models, a- Qd = 8 – P2 , Qs = P2 – 2
