An economist wants to build a simple model to understand how a change in the price of gasoline affects the number of people using public transportation. Arrange the following steps in the logical order required to apply the 'holding other things constant' assumption and evaluate the model's outcome.
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An economist wants to build a simple model to understand how a change in the price of gasoline affects the number of people using public transportation. Arrange the following steps in the logical order required to apply the 'holding other things constant' assumption and evaluate the model's outcome.
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