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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?
Question: Third degree price discrimination Suppose that a monopolist faces two markets with demand curves given by D(p 1 ) = 100 - p 1 D(p 2 ) = 100 - 2p 2 Assume that
#question#.problems and its solution of microecnomics
Suppose scientists discover that eating soybeans prevents cancer and heart disease. What effect would you predict on the price of soybeans?
Carbon Tax: An environmental tax that is imposed on products that utilize carbon-based materials and thus contribute to greenhouse gas pollution (comprisinggas, oil, coal and other
Because of your reputation as an expert in economic analysis, you have been hired as vice president of a business consulting firm named Economists R Us. This firm provides consult
What is optimal choice of consumer according to consumer behavior? Consumer's Optimal Choice: In the fundamental problem of preference maximization, the set of affo
which is the following is an example of a firm''s derived demand?
how to make a stand based on question?
Insurance - Risk averse are willing to pay to keep away from risk. - If cost of insurance equals expected loss, risk averse people will buy sufficient insurance to totally r
Foreign investment: To attract foreign investment – Developing Plans are used as a means of attracting foreign investment or foreign aid.Foreign government and international o
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