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28 January, 09:40

The basic purpose of the other-things-equal assumption is to

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  1. 28 January, 12:02
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    Other things equal assumption is a common assumption used in economic analysis that frequently goes by the technical Latin term, ceteris paribus. This assumption is used when recognizing the relation between two precise variables, such as price and quantity for the law of demand. The basic purpose is it allows one to reason about the relationship between variables X and Y without the intrusion of variable Z.
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