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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?
Ask question how do I find the Price
Q. What is Free Trade Agreements? Free Trade Agreements:It is an agreement between two or more countriesthat eliminates tariffs on trade between the countries, reduces non-tari
assume you are selling a product and when your price is decreased by 29% your quantity demanded increases by 55%. What is your price elasticity of demand?
compare the concept of MRTS with the MRS and discuss the similarities and difference between them?
Discuss about the evaluation step in analytical frameworks. Evaluations: The fifth step into studying an economic step is to estimate outcomes resulting through the under
Selective in Exports: There are many industries where India has an advantage because of relatively lower costs of all forms of manpower whether it is professional or factory l
Assume that John has the following preference relation over two goods, bread and bear (x1, x2). He strictly prefers any bundle x over y whenever x haves more bear than y, whatever
Highlight the few heading of it
Why firm charges different prices to different consumer? Every firm needs to maximize its profit. When goods are sold to different customers, each customer negotiate price of
Define the Production Possibilities Curve
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