63 151
Assignments Done
99,1%
Successfully Done
In July 2018

Answer to Question #19022 in Microeconomics for achal

Question #19022
What is the role of an assumption in economic theory?
Expert's answer
That other forces or social conditions will not affect the theory. Like the assumption in economics that people will react in a prudent and reasonable manner to maximize their incomes etc. Obviously people don't always act in a prudent manner or necessarily in their own best interest as they often times do not have perfect information.

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be first!

Leave a comment

Ask Your question

Submit
Privacy policy Terms and Conditions