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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?
How to calculate: fixed cost is $1,000,000 tvc $4,400,000, avc is $22, atc $27, worker productivity is 4. How do I calculate the profit or loss?
1. What are the uses of elasticity to the public sector and private sector? (20 marks)
Indifference curve definition
Modem theories of trade
Division of Labor The occupation or breaking down of jobs into simple and repetitive responsibilities.
Black or underground or illegal economy: Black or underground or illegal economy has to be conceptualised as an integral and growing part of a variety of economies which emerg
Health and Life Expectancy: In addition to struggling on low income, many people in the developing nations fight a constant battle against malnutrition, disease and ill healt
Edge Act A federal law passed in 1919 that are available national banks to accomplish foreign lending operations through federal or state chartered subsidiaries called Edge Ac
Q. Explain Nominal GDP? Nominal GDP: Nominal gross domestic product measures total value of all the services and goods produced and traded for money in the formal economy, eval
In John Stossel's article, "In Praise of Price Gouging", Stossel argues that a law banning price gouging would result in a two-block line for gasoline after Superstorm Sandy. a.
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