SELECT * FROM question_mgmt as q WHERE id=5511 AND status=1 SELECT id,question_no,question,chapter FROM question_mgmt as q WHERE courseId=3 AND subId=60 AND chapterId=608 and ex_no='1' AND status=1 ORDER BY CAST(question_no AS UNSIGNED) CBSE Free NCERT Solution of 12th micro-economics Introduction to Micro Economics what do you understand by normative economic analy

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What do you understand by normative economic analysis?

Answer:

Normative economic analysis refers to the analysis in which we study whether a particular mechanism is desirable or not. In this analysis, we study what ought to be the desired situation or in what ways the economic problems should be solved. In other words, it is concerned with what should be and what should not be, and what is desirable and what is not? In normative economic analysis we come across normative statements that cannot be tested as they involve personal value judgments. It deals with idealistic  situations and is based on ethics. An example of a normative statement could be, ‘The Central government should not stop providing a minimum support price to the farmers’.


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