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Explain the Role of a Mathematical Model in Engineering Economics

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Essay

Explain the role of a mathematical model in engineering economics.


Definitions:

Imported Goods

Products or services brought into a country from abroad for sale.

Exports

Exports refer to the goods or services sold by a country to foreign markets, which is a fundamental component of international trade.

Domestic Consumers

Individuals within a country who purchase goods and services for personal use.

Domestic Producers

Businesses or individuals that manufacture or produce goods within a country's borders.

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