a simple economic model predicts that a fall in the price of bus tickets means that more people will take the bus. however, you observe that some people still do not take the bus even after the price of a ticket fell.

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13-09-2022
Business

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a simple economic model predicts that a fall in the price of bus tickets means that more people will take the bus. however, you observe that some people still do not take the bus even after the price of a ticket fell.

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Tutorconsortium352 Tutorconsortium352 · Answer 1 · 2022-09-16T01:19:01-04:00

A straightforward economic model predicts that an increase in bus ridership will result from a decrease in the cost of bus tickets. Even though bus fares have decreased, you notice that some people continue to refuse to board the vehicle. No, because it foresees an increase in the general number of bus riders.

What is economic model?

A model in economics is a theoretical construction that represents economic processes through a collection of variables and a set of logical and/or quantitative relationships between them. The economic model is a simplified, frequently mathematical, framework used to explain intricate processes. Economic models frequently suggest structural variables. A model may contain a variety of exogenous variables, and those variables may alter to produce different responses from economic variables. Investigation, theorizing, and adapting theories to the real world are all examples of methodological uses of models.

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a simple economic model predicts that a fall in the price of bus tickets means that more people will take the bus.​ however, you observe that some people still do not take the bus even after the price of a ticket fell.

Answer :

What is economic model?

Other Questions

a simple economic model predicts that a fall in the price of bus tickets means that more people will take the bus. however, you observe that some people still do not take the bus even after the price of a ticket fell.