Answer to Question #228690 in Microeconomics for Graylin Lapi

Question #228690

Briefly, discuss how economist test theoretical economic models?


1
Expert's answer
2021-08-24T14:16:45-0400

Economists use tools such as case studies, lab-based experimental studies, and statistics to test their theoretical economic models.

They observing actual behaviour and also make use empirical data when testing the theoretical economic models.


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