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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?
Example of a cost function
definetion of pricing thery
factor afecting the demand for durable product
Malthus and the Food Crisis - Malthus predicted starvation as diminishing returns limited agricultural output and the population continued to grow. - Why did Malthus' predic
explain marris model of the managerial enterprise
explain the central problem of economy with production possibility curve?
Show that when a plane wave is transmitted through a thin lens of focal length f in the direction parallel to the optical axis of the lens, its converted into a paraboloid wave (th
Indifference curve definition
elasticity of demand of a product in different market forms such as perfect competition, monoply etc.
Risk Neutral - A person is a risk neutral if they show no preference between certain, and an uncertain income with the same expected value.
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