James asked in Social ScienceEconomics · 1 month ago

A variable in economics model is ?

1 Answer

  • Oiy
    Lv 5
    1 month ago

    A variable is a quantity that may change within the context of the problem of the model.

    • Lv 4
      1 month agoReport

      good answer; also, perhaps note that context includes timeframe, whether explicitly stated,
       or implied: eg, factory size is often fixed in shortrun to mediumrun managerial economic analyses, however, in longerrun models factory size can vary, sometimes abstractly depicted with envelope curves etc

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