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Sia ? 6 years, 5 months ago
| Basis | Positive Economics | Normative Economics |
| Meaning | It deals with laws, Principles, theories and facts of economics. | It deals with opinions, policy evaluation and idealistic part of economics. |
| Reality vs. Idealism | It deals with reality, i.e. 'what is'. | It deals with idealistic situation, i.e. 'What ought to be' |
| Value Judgments | No value judgments are associated with positive economics. | value judgments are associated with normative economics. |
| Example |
(a) There is inverse relation between price and quantity demanded, other things being equal. |
(a) Globalization is widening the gap between the rich and the poor. (b) Poverty is worse than unemployment. (c) Price rise is disastrous for the economy. (d) We should not give subsidies on fertilizers. |
Posted by Nikhil Bhardwaj 6 years, 5 months ago
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Sia ? 6 years, 5 months ago
The above statement pertains the limitation of statistics as given below:
It indicates that statistics can be used only by those persons who have special knowledge of statistical methods. The techniques of statistics are not so simple to be used any layman. Those who are ignorant about these methods cannot make sensible use of statistics, leading to dangerous consequences. The statistical techniques can be used only by the experts as they are complicated in nature. A layman can misuse statistics and draw any type of conclusion he likes. For example, a person who is not well versed with statistical methods may assume that the average age of 20 persons represents the actual age of those 20 persons. However, this is not true. Out of those 20 persons, some of them will be aged below 20 years, some above 20 years and a few can be aged 20 years.
Posted by Kush Sharma 6 years, 5 months ago
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Posted by Abhishek Kumar 6 years, 5 months ago
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Tripti Rawat 6 years, 5 months ago
| Class interval | 0-10 | 10-20 | 20-30 | 30-40 | 40-50 |
| Frequency | 2 | 10 | 5 | 6 | 8 |
Here the maximum frequency is 10 then the corresponding class 10 - 20 is the modal class
l = 10, h = 20 - 10 = 10, f = 10, f1 = 2, f2 = 5
Mode {tex}= l + \frac { f- f _ { 1 } } { 2 f -f _ { 1 } - f _ { 2 } } \times h{/tex}
{tex}= 10+ \frac { 10 - 2 } { 2 \times 10 - 2 - 5 } \times 10{/tex}
{tex}= 10 + \frac {80} {13}{/tex}
= 10 + 6.15
= 16.15
Posted by Ranjana Kulashari 6 years, 5 months ago
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Posted by Aryan Jain 6 years, 5 months ago
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Yogita Ingle 6 years, 5 months ago
Yes,economics in a very basic sense is optimization given the constraints. Scarcity is the biggest and real constraint of our lives.Lets understand with an example,suppose everybody has a lot of money,a lot to buy anything.What would the world look like?Nobody's going to work,no production,no costs,no profits,no exchange rates,no trade,simply there would be no need of any of the economic agents,economic concepts.So,no economics would exist.
Whereas,in reality we as individuals have our income as constraint and we cannot spend more than that.Same goes for the economy as whole, a country makes policy and plans and talks about efficiency ,only because a country has geographical,social,economic and political constraints and it has to make the best out of what it has got.The central problem of economics deals with optimization given the constraints.So,the logic follows.
Posted by Prince Garg 6 years, 5 months ago
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Sia ? 6 years, 5 months ago
Mean : The mean is the average of the numbers. It is easy to calculate: add up all the numbers, then divide by how many numbers there are. In other words it is the sum divided by the count.
Median : The middle number; found by ordering all data points and picking out the one in the middle (or if there are two middle numbers, taking the mean of those two numbers).
Mode : The number which appears most often in a set of numbers.
Banak . 6 years, 5 months ago
Posted by Ajinur Rahman 6 years, 6 months ago
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Posted by __@___ Goel 6 years, 6 months ago
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Posted by Ruhani Chawla 6 years, 6 months ago
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Yogita Ingle 6 years, 6 months ago
As India has very large population .
Demographic data of any country is estimated by census method,this mathod collects extensive form of data which composite birth , death ,employment , income ,etc.
It is used when size of population is very large.
Posted by Pawan Kohli 6 years, 6 months ago
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Yogita Ingle 6 years, 6 months ago
Some surveys can be conducted through the use of mail questionnaire. Under this method, a list of questions pertaining to the enquiry is prepared and sent to various informants by post. The questionnaire contains questions and provide space for answers. A request is made to the informants through a covering letter to fill up questionnaire and send it back within a specified time.
Merits :
1. The merit of this method is that it does not allow the influencing of the respondent by the interviewer.
2. Mailing costs are much lower than the costs of personal visits.
3. It allows the respondents to remain anonymous.
4. It can reach all groups including those whose personal specialization is not possible.
Demerits :
1. This method can be adopted where the informants are literate people.
2. It involves some uncertainty about the response.
3. The informations supplied by the informants may not be correct.
Posted by Rema Hmar 6 years, 6 months ago
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