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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?
An economics branch which keep concentrate on illumination the economic decisions people make in practice, particularly when these conflict with what conventional economic theory p
Case Study - EUROPE Let us now see how events unfolded over the decades in Europe that led to monetary unification in terms of a single currency and single central bank. At
Question 1: a. What is the supposed rationale for subsidising higher education in various developing countries? b. Do you think there is a legitimate rationale to the abov
excess reserve make a bank less vulnerable to runs.why
Motives of regional financial institutions: There are mixed motives for the donor countries to provide development assistance to developing nations. While a desire for poverty
What is Hicksian demand function? Hicksian Demand Function: The solution of expenditure function that is the function of (p, u) is denoted by h(p, u) and termed as the Hicks
how does compensated demand curve help managers?
what is price elasticity of demand ? write briefly with explaining it''s type.
types of production function
Long-Run Versus Short-Run Cost Curves What happens to average costs when both the inputs are variable versus only having one input that is variable (short run)? The Inflexi
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