The Conceptual Model

question 45

Multiple Choice

The conceptual model

• A)helps in organizing the data requirements.
• B)controls the model inputs.
• C)has tools defined to identify the optimal solution.
• D)explores the effects of changing model parameters.

Identify and explain the processes involved in observational learning.

Understand the impact of modeling on behavior.

Understand the neurological basis of learning and the biological factors influencing learning and behavior.

Recognize the effects of the environment on cognitive development and learning.

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Definitions:

Diminishing Returns

The principle that says as more of a variable input is added to a fixed input, the incremental gain in output will eventually decrease.

Normal Profits

The level of profit that is necessary to cover the costs of a firm, including the opportunity costs of capital, ensuring the firm remains in business.

Implicit Cost

The opportunity cost equal to what a firm must give up in order to use resources it already owns, without paying rent or purchasing them.

Economic Profits

The difference between a firm's total revenue and its total costs, including both explicit and implicit costs.