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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?
can average labor productivity fall even though total output is rising
Explain how a floating exchange rate works and the variables which affect the rate. Define a floating exchange rate as the price of a currency (in terms of another or basket of
When a worker is fired orlaid off, they experience a significant out-of-pocket cost. That cost of job loss relies on how much they were earning in their job, how long it takes them
Change in the price of a related good: Goods relate to each other in two ways. Goods are either complements or substitutes. Complementary goods are goods with joint demand. The
how to calculate it given a functuion
Plot the demand schedule and draw the demand curve for the data given for Marijuana in the case above?
Money market: The money market is a market of short-term loans. It consists of financial institutions having surplus fund to lend on short-term basis, and those wishing to bor
implication tructures of various market structures for price determination
types of cost
what is supply and demand
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