Question

difference between good theory and productive theory​

Answer 1

Answer:

In economics, production theory explains the principles in which the business has to take decisions on how much of each commodity it sells and how much it produces and also how much of raw material ie., fixed capital and labor it employs and how much it will use whereas A good theory in the theoretical sense is (1) consistent with empirical observations; is (2) precise, (3) parsimonious, (4) explanatorily broad, and (5) falsifiable; and (6) promotes scientific progress (among others; Table 1.1).

Explanation:

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