When formulating an economic model,one must explicitly identify both an agent's objectives and his constraints.

Name: When formulating an economic model,one must explicitly identify both an agent's objectives and his constraints.
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In order to create a realistic economic model, it is important to clearly specify the goals and limitations of the agents being modeled. This allows for more accurate predictions of behavior and outcomes.

When Formulating an Economic Model,one Must Explicitly Identify Both an Agent's