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Which are the Steps in the construction of microeconomics models?

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i) Specifying the subject of study and segregating it from the rest of the system
ii) Specifying and definition of the chosen microeconomics variables.
iii) Making assumptions regarding the behavior of selected variables.
iv) Specifying the relationship between the selected variables in the form of equations, if possible
v) And lastly specifying the criteria for drawing conclusions.

Wilfykil answered the question on March 20, 2019 at 05:56

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Which are the Steps in the construction of microeconomics models?

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