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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?
what is the relationship between TP, MP and AP
ELASTICITIES OF SUPPLY AND DEMAND Usually, elasticity is a measure of the sensitivity of one variable to the other. It told us the percentage change in one variable in re
if the inverse demand curve is p=120-Q and the marginal cost constant at 10, how does the monopoly a specific tax of 10 per unif affect the monopoly optimum and welfare of consumer
Token Privatisation: This implies the sale of 5 per cent or 10 per cent shares of a profit-making public sector enterprise in the market with the objective of obtaining revenue t
More details on mixed bundling
Determine the Returns to Scale Use the following production function and budget constraint to answer the questions below. Q = L + K 1000 = 2L +
Essentials of Development Administration Development administration, to be effective and efficient, needs to have the following ingredients: Administrative Innovation:
Environmental pollution may be eloborate as the contamination of the environment, with harmful wastes arising mainly from human activities. All these activities release certain m
Uses of Balance of payments account: It removes the uncertainty associated with the flexible exchange rate regime and brings stability. It also indirectly imposes some anti inf
If the Bank of England wanted to discourage investment spending and reduce aggregate demand, it could? A. reduce the required reserve ratio B. sells securities on the open m
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