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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?
Internal and external economies of scale: Internal economies of scale are the advantages or benefits that the firm enjoys as it expands its size or increases its scale of ope
What are economies of scale and diseconomies of scale? In economics, returns to scale and economies of scale are terms that are related and sometimes incorrectly used intercha
graphing a isoquant
What is the theory of Second Best? Prove the theorem with the help of a diagram.
discuss ho capacity utilization and product differentiation affect internal rivalry and entry barriers with the analytical framework of the porter five forces model. use the econom
What is the optimal consumption bundle and marginal utility per dollar? The optimal consumption bundle is the consumption bundle which maximizes a consumer's total utility sp
explain land as a part of the four factors of production
cars:0,2,4,6,8 tow truck:30,27,21,12,0
what is the meaning of total revenue?
Development Administration: Since the Government has been entrusted to manage economic and business activities, it was found difficult to manage the economic policy with the t
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