Question
Explain the concepts of positive and normative economics with illustrations.
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| Price of Ice Cream (₹ per unit) | Demand of Rakesh (Units) | Demand of Mohit (Units) |
| 10 | 1 | 2 |
| 9 | 2 | 3 |
| 8 | 3 | 4 |
| 7 | 4 | 5 |
| 6 | 5 | 6 |
|
Itens
|
Expenditure (in %)
|
|
Labour
|
25
|
|
Bricks
|
15
|
|
Cement
|
20
|
|
Steel
|
15
|
|
Timber
|
10
|
|
Supervision
|
15
|
|
Capital (₹ in lakh)
|
Less than 5
|
Less than 10
|
Less than 15
|
Less than 20
|
Less than 25
|
Less than 30
|
|
Number of Companies
|
20
|
27
|
29
|
38
|
48
|
53
|