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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?
#limitations of time series analysis
Distributive Bargaining An approach to negotiation that finds to divide up a fixed amount of resources.
an introduction
a. Generally, there will be a difference between the CV and the EV. Why? b. The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it
A firm's production function is given by Q = √LK . The price of labour is w and the price of capital is r. a. The price of labour is $5 and the price of capital is $20. What is
What is Nancy’s lifetime income as a function of her level of schooling, S? 2. What is Nancy’s lifetime income if she gets no schooling? What is it if she goes to school for all 60
Explain how a country can peg (fix) its currency to another currency. Explanation of a pegged/fixed currency should centre on how the central bank uses the currency market mech
consumer=m with the help of indifference curve analyis
TRADE AND ECONOMIC GROWTH : Foreign trade has worked as an 'engine of growth' in the past (witness Great Britain in the 19th century and Japan in the 20th, besides others), an
how the increase in price will affect consumer''s ability to maximise satisfaction?
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