ECONOMIC PREDICTION AND PRICE ELASTICITY

by onam0804
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Economics models are the tools which economists use to predict future economic developments by measuring past relationships among variables such as household income, consumer spending, employment, interest rates, tax rates etc. and forecasting how changes in some of these variables will affect other variables. An economic model is said to be complete if it can accurately forecast all of the variables future course, however, no economic model can be complete in true sense

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