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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?
Explain the Demand Pull Inflation Demand Pull Inflation: Occurs when aggregate demand exceeds aggregate supply. If there is an excess level of demand in the economy, this w
Costs: If raw materials, machines and other things required for production could be made available freely then the study of the theory of the production and indeed, the study of
technological advance reduced the cost of computer chips . explain using the demand and supply diagrams , how the the following markkets are affected in terms of price and quantiti
how does the concept of possibility production curve aplicable in real life?
cobb douglas production function?
what is indifference curve''s theory and application
A control in economics means a steady profit rate that is enhancing. Thus, after one year you could have £1mill profit then the next year £3mill profit etc.
DISCUSS THE COMPENSATION PRINCIPLE OF KALDOR -HICKS
how a firm will choose its optimal inputs, isocosts and isoquants explanation
What are the advantages of trade surplus
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