Econ Notes - Positive= substitute Negative= complement I=...

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Positive Statement (describe) - how something actually is that can be verified or refuted. Normative Statement (prescribe) - how something ought to be, reflecting a value judgment Q of sugar= f (P +, P inputs -, Revenue= Price (inelastic, revenue increased when price increases and quantity goes down a little) times Quantity (elastic revenue goes down when price goes up)
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Unformatted text preview: Positive= substitute Negative= complement I= positive if normal good I= negative if inferior good such as spam Cross-price elasticity is percentage of quantity of drugs demanded over percentage of Price of sterile needles...
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