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astraxan [27]
2 years ago
10

PLEASE HELP, WILL MARK BRAINLIEST

Mathematics
1 answer:
Advocard [28]2 years ago
6 0

Answer:

principal of first loan = $7,000

principal of second loan = $5,000

Step-by-step explanation:

Let x = principal of first loan

Let y = principal of second loan

Given:

  • Interest rate on first loan = 8% = 0.08
  • Interest rate on second loan = 9% = 0.09
  • Total amount of interest paid = $1,010

Create two equations with the given information:

Equation 1:  x + y = 12000

Equation 2:  0.08x + 0.09y = 1010

Rewrite Equation 1:

⇒ x = 12000 - y

Substitute into Equation 2 and solve for y:

⇒ 0.08(12000 - y) + 0.09y = 1010

⇒ 960 - 0.08y + 0.09y = 1010

⇒ 0.01y = 50

⇒ y = 5000

Substitute found value of y into Equation 1 and solve for x:

⇒ x + 5000 = 12000

⇒ x = 7000

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Answer:

What is a positive economic statement?

Positive economics is objective and fact-based where the statements are precise, descriptive, and clearly measurable.

What is a normative economic statement?

Normative economics focuses on the ideological, opinion-oriented, prescriptive, value judgments, and "what should be" statements aimed toward economic development, investment projects, and scenarios.

Provide a real world example of each (other than those given in the chapter)

An example of normative economics would be, "We should cut taxes in half to increase disposable income levels." By contrast, a positive or objective economic observation would be, "Based on past data, big tax cuts would help many people, but government budget constraints make that option unfeasible." The provided example is a normative economic statement because it mirrors value judgments. This particular judgment assumes that disposable income levels must be increased

Positive economics deals with objective explanation and the testing and rejection of theories. For example:

A fall in incomes will lead to a rise in demand for own-label supermarket foods

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A car scrappage scheme will lead to fall in the price of second hand cars

Please explain why each statement would be considered either positive or normative:

Common observations indicate that discussions around public policies typically involve normative economic statements. A higher degree of disagreements persists in such discussions because neither party can clearly prove their correctness.

Though normative statements are generalized and subjective in nature, they act as the necessary channels for out-of-the-box thinking. Such opinions can form the foundation for any necessary changes that may have the potential to completely transform a particular project. But normative economics cannot be the sole basis for decision-making on key economic fronts. Positive economics fill in for the objective angle that focuses on facts and cause-and-effect. Coupled with positive economics, normative economics may be useful in establishing, generating, and fulfilling new ideas and theories for different economic goals and perspectives.

A clear understanding of the difference between positive and normative economics may lead to better policy-making if policies are made based on a balanced mix of facts (positive economics) and opinions (normative economics). Nonetheless, numerous policies on issues ranging from international trade to welfare are at least partially based on normative economics.

Please include sources with your posting:

Normative economics focuses on the value of economic fairness, or what the economy "should be" or "ought to be."

While positive economics is based on fact and cannot be approved or disapproved, normative economics is based on value judgments

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Step-by-step explanation:

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