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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?
sources of oligopory
The Market Mechanism Features of the equilibrium or market clearing price: – QD = QS – No shortage or scarcity – No extra supply price. – No pressure on th
comprehensively discuss the market structure in the South African mobile telecommunication industry
As stock markets have crashed, and uncertainty has increased, consumers move their money to the safest currencies and countries in the world. Predict the effects of an increase in
3. Which of the following would not be an expansionary fiscal policy? a.Increased welfare payments to the poor b.Decreases in federal taxes on corporations c.A balanced budget d.I
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Average product of a factor is the total output produced per unit of the factor employed thus, Average product = total product / number of units of factor employed If Q stand
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
Write Equations Of Average Total Cost Variable Cost Marginal Cost, Economics Write equations for total cost, average total cost, variable cost, and marginal cost. The Central Pub
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