EBK MACROECONOMICS (FOURTH EDITION)
4th Edition
ISBN: 9780393616125
Author: Jones
Publisher: YUZU
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Chapter 4, Problem 9E
To determine
Explain an economist ‘O’s given statement.
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Students have asked these similar questions
"Vernon Smith started a series of experiments to see whether basic predictions of the
standard economic model about markets would prove correct. [...] Basically, the
predictions proved good. A stunning result! Maybe, therefore, it doesn't matter if people
are not like homo oeconomicus; the standard economic model can still work." (quote
shortened, source: Edward Cartwright in his textbook "Behavioral Economics" (3rd
edition, p. 8)).
What kind of criticism of the standard economics model does Cartwright refer to? Explain
why Vernon's findings can be used to support and uphold the standard model of
microeconomics despite unrealistic assumptions?
What are some of the insights gained from taking a fundamental microeconomics course?
can you give me a brief explanation on why this passage is an economic motivator?
Chapter 4 Solutions
EBK MACROECONOMICS (FOURTH EDITION)
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