Question

e. Create a link between lines on a graph upon the upper-right quadrant of the Cartesian plan and the diagrams drawn in economics

f. What is a free good?

g. Normative vs Positive Economics

h. What is a market

i. How is price determined? What, How and for Whom to Produce

Answer 1

F. A free good simply a good that is available generally for consumption.

for example, air as it is numerous in supply but limited in availability.

G.Positive economics means which is based on the fact

It can be verified whether it is true or not

They are simply described in nature

Normative economics is judgemental in nature

it shows about opinion and it says what ought to be done.

H. Market in simple terms can be defined as a place where there is an exchange of goods and services take place between the two parties.

They are generally called buyers and sellers.

the Marketplace can be real or can be virtual

E. The below diagram shows that diagram of the upper right quadrant in the cartesian plane.

The relationship given is between price and quantity supplied in which they are directly related so if the price is increased then it will cause an increase in quantity supplied and Vice a Versa.