Discuss how scientific methods can be used to develop theories? Subject : Intermediate Microeconomics How scientific...
Discuss how scientific methods can be used to develop theories?
Subject : Intermediate Microeconomics
How scientific methods can be utilized in developing theories in Economics.
Homework Answers
Studying microeconomics can se viewed as an experiment to know how one action will give reactions. As in increase in the demand of a commodity will cause an effect in the price of how many other commodities i.e. substitutes and complementary, how will its own price be affected, all the more there are other future expectations and tastes and preferences of the consumers that cause an effect.
Hence scientific methods are surely required to develop theories of economics.
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Discuss how scientific methods can be used to develop
theories?
Subject : Intermediate Microeconomics
How scientific...
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