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1). Define and explain the concept of an externality. Provide examples of both positive and a negative externality.
2). The Prisoner's Dilemma Exercise:
B' Strategy
Do Not Advertise
Advertise
A's Profit: $500,000
B's Profit: $500,000
A's Loss: $250,000
B's Profit: $750,000
A's Strategy
A's Profit: $750,000
B's Loss: $250,000
A's Profit: $100,000
B's Profit: $100,000
what is the formula for finding gross national product?
contrast the longrun equilibrium positions of monopolistic competition firm and oligopoly
discuss the implications of various market structures(competitive and non-competitive) for price determination
GOOD GOVERNANCE TO ENSURE IMPLEMENTATION OF ECONOMIC POLICY: Government is very sensitive to the expectation of the people and sincere efforts in this direction have already
Discuss the impact of rational self-interest on each of the following decisions
Explain the term economic efficiency? Answer: Economic Efficiency means full utilization of all available resources in economy i.e. to produce the needed amount of goods and
Factors that determine the volume of side of production
is south african economic system more allocative efficient?
You estimate that the price elasticity of demand for one-acre plots in Lusaka is -1.5 and that income elasticity of demand is 5. Land owners intend to increase the price of a one-a
What are subsidies? Almost in all market systems, government plays its role to stabilize the price of certain commodities, which are of public interest like medicines and edib
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