Question

Odell and Stephany created economic models to examine the impact of a new tax policy on the economy. When they created their respective economic models, they used different assumptions to simplify the economy. Odell and Stephany will likely:

Answer 1

Odell and Stephany are likely to give conflicting advice to policy makers.

What is an economic model?

These are the models that are used to describe reality based on the economic behaviors that have been tested.

The question here says that the both of them used different assumptions in the analysis that they did.

This may cause them to give conflicting advices because they would give the advices based on the assumptions that they have.

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