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An economic model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them. The economic model is a simplified, often mathematical, framework designed to illustrate complex processes.
The AD–AS or aggregate demand–aggregate supply model (also known as the aggregate supply–aggregate demand or AS–AD model) is a widely used macroeconomic model that explains short-run and long-run economic changes through the relationship of aggregate demand (AD) and aggregate supply (AS) in a diagram.
Fig. 1. An Edgeworth box. In economics, an Edgeworth box, sometimes referred to as an Edgeworth-Bowley box, is a graphical representation of a market with just two commodities, X and Y, and two consumers. The dimensions of the box are the total quantities Ω x and Ω y of the two goods. Let the consumers be Octavio and Abby.
Induction puzzles are logic puzzles, which are examples of multi-agent reasoning, where the solution evolves along with the principle of induction. [1] [2]A puzzle's scenario always involves multiple players with the same reasoning capability, who go through the same reasoning steps.
In economics, an input–output model is a quantitative economic model that represents the interdependencies between different sectors of a national economy or different regional economies. [1] Wassily Leontief (1906–1999) is credited with developing this type of analysis and earned the Nobel Prize in Economics for his development of this model.
Economic Modelling is a monthly peer-reviewed academic journal on economics published by Elsevier. The editors-in-chief are Angus C. Chu ( University of Macau ) and Sushanta K. Mallick ( Queen Mary University of London ).
New classical economics does not assume perfect information in the short run, but markets may approach efficient outcomes as information is discovered. [3] If the sale price exceeds the market-clearing price, supply will exceed demand, and a surplus inventory will build up over the long run. If the sale price is lower than the market-clearing ...
The average fuel economy for model years, 1978, 1979, and 1980 were set at 18, 19, and 20 miles per gallon, respectively, and by 1985 the average economy was required to be 27.5 mpg. Furthermore, automobiles were required to be labeled with their fuel economies, estimated fuel costs, and the range of fuel economy for comparable vehicles after ...