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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?
Consider a family saving function for the population of all families in the United States: sav = β 0 + β 1 inc + β 2 hhsize + β 3 educ + β 4 age + u where hhsize is househol
indifference curve for the demand for big macs
Current Cropping Pattern: It is evident from these data that foodgrains constitute the most dominant crop group that is cultivated in India. It is estimated that total croppe
The least square method is based on the assumption that the past rate of change of the variable under study will continue in the future. It is a mathematical procedure for fitting
Significance of Stagnation in Supply and Demand Calculus Stagnation refers to failures of students in a grade/class or grade repetition. The objective of a course is to make c
1. Mrs Munyarryun, 67 years, has been retired from her work for two years. She rings for advice about urinary incontinence, a problem she has experienced over the last 6 months. Wh
The US government decides to subsidize solar panels. For each unit sold, the government pays $T to the buyer. Using a graph, show how this subsidy affects i) consumer surplus, ii)
#question.hif indirect utility function is givenhow to derive the demand function .
How does the BLS classify people who are "not in the labor force," and what people are often in this category? If an individual surveyed (that is, who is age 16 or over and no
what is the homogeinity of demand function wrt prices and income
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