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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?
explain the cobweb model of equilibrium
a curve on a graph shows the relationship between apartment rent in a town and the quantitiy of apartments that people want at each rent. A new industry enters the town and the pop
to prepared a projects
Welfare Analysis 1-Of the following four institutions for allocating apartment to different people at different prices i. The competitive market ii. A discriminatin
define and explain theory of production?
demand for two market are P1=15-Q1&P2=25-Q2.the monopoly TC is C=5+3(Q1+Q2).What are ,output,profit&MR if the monopolist can price disc? riminate
Not sure how to graph & calculate a retail price of $30 & avg cost $20 assuming that the equation for demand is Q=10,000-9,000P, where P=retail price & Q=# sold per month.Then to s
what will be the effect on price and quantity when supply and demand changes in different directions but same magnitude?
Explain what economies of scale are and why they have become increasingly common in later years. Economies of scale - Enhance in fixed factors, but output enhances at a propo
Q. What do you meant by Monetary Targeting? Monetary Targeting: A policy which attempts to directly limit the growth in total supply of money in the economy. It was main policy
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