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Positive versus Normative Economics
Positive Economics
Positive economics considers with the predictions or observations of the particulars of economic life. For instance:
What will be the impact of rise in wages on the price or cost of a product?
Normative Economics
Normative Economics is the value decisions about how economics must work, based on some moral theories or preferences or choices?” For instance:
What wage rate must be given to the auto workers to make them an active
Part or member of the society?
Suppose you own a home remodeling company. You are currently earning short-run profits. The home remodeling industry is an increasing-cost industry. In the long run, what do you ex
Type of total outlay
Ask q3x+5=20 uestion #Minimum 100 words accepted#
prove that the utility approach and the indifference curve approach yield the same consumer equilibrium
(i) When the demand function is 2Q - 24 + 3P = 0, find the marginal revenue when Q=3. (ii) Given the demand function 0.1Q - 10 +0.2P + 0.02P2 =0, calculate the price elasticity of
Ask questiowhat are the importance of the branches of economics
significance of income elasticity coefficient
boumal''s single product modelwith out advertisment
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consumer=m with the help of indifference curve analyis
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