Price Theory

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The book explores the distinction between positive and normative economics, highlighting how positive economics focuses on objective analysis and facts, while normative economics involves value judgments and opinions about what ought to be. It delves into the implications of these two approaches for understanding economic theories and policies, offering insights into how they influence decision-making and societal outcomes. Through various examples, the text aims to clarify the roles and interactions of these two branches within the broader field of economics.