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Private benefit and social benefit:
Bridge the gab between private cost and social cost, and private benefit and social benefit.Under perfect market, there may be a divergence between social and private cost on one hand and social and private benefit on the other. This occurs as a result of the existence of externalities (benefits provided to or costs imposed on third parties as a result of the production or consumption of goods or services). Because of external benefits many projects which are needed may not be profitable under pure market system in which all investment decisions are left to the private individuals. The level of investment may fall below the social optimum because private investors ignore external benefits and supplementary benefits of projects in calculating the prospective returns of their investment.
state 3 major assumptions which a production posibility is based
what is the reason behind studing this topic ?
Export Entrepreneurship: This need be developed by providing necessary facilities and making export an attractive and profitable business proposition. In this connection, it
What is indifference curve and its properties?
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Simple Inventory Model Firstly, the product level initiates a demand, which generates a demand at the component level and then in turn at the raw material level. Think of an
1. Assume that the market for wheat is perfectly competitive. Suppose the demand curve for wheat is given by: QD = 200 – 2P where QD is the quantity demanded, in bushels, and P i
Show the possible outcome of setting a minimum wage for under-eighteens. Explaining and illustration of minimum wage - clearly set above market equilibrium outlining res
Elasticity of Demand This is a measure of how responsive the sales volume of goods is to changes in that product's price, equal to the marginal change in sales, divided by the
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