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Chapter 1.2

ECON 111 Chapter 1.2: ECON111 NOTES CH1.2
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Department
Economics
Course
ECON 111
Professor
Ugurhan Gazi Berkok
Semester
Fall

Description
Micro Economics Notes: Chapter 1.2: Three Key Analytical Tools,  Exogenous Variable: A variable whose value is taken as given in the analysis of an economic system. (outside of the model being examined)  Endogenous Variable: A variable whose value is determined within the economic system being studied. (inside of the model being examined).  Constrained optimization, Equilibrium analysis, Comparative statistics  Constrained Optimization: An analytical tool for making the best (optimal) choice, taking into account any possible limitations or restrictions on the choice.  Objective function: The relationship decision makers see
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