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What are the differentiated conditions of economic issue?
While discussing an economic issue, this is very important to differentiate between:
(a) Two types of conditions: essential and sufficient conditions for a statement to be accurate and
(b) Two forms of statements: positive analysis and normative analysis.
This is easy to confuse the difference between essential conditions and sufficient conditions, a problem which results frequently in incorrect conclusions.
The economic model forecasting involves estimating several simultaneous equations which are generally behavioural equation mathematical identities and market clearing equations. T
THEORY OF PRODUCTION: Production activities related to goods and services require inputs. Typically, the set of inputs includes labour, capital equipments and raw materials. T
Qdx=-30p+0.10+4pr+4t
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