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Question:
(a) Using an example, differentiate between private, social and external costs and benefits.
(b) With the use of a diagram, describe the difference between profit maximizing level of output and socially desirable level of output in the presence of negative externality.
(c) Describe and determine the methods that the public and private sectors attempt to deal with negative externalities.
(d) Using appropriate examples, differentiate between merit and public goods.
Explain how the price system eliminates a surplus. The meaning of surplus is that quantity demanded is less as compared to the quantity supplied. This will lead to downward pr
Do the laws of economics still work today? use the case discussed in class to answer this question or any other examples) (ii) Provide examples of three factors that can shift the
types of demand
Environmental pollution may be eloborate as the contamination of the environment, with harmful wastes arising mainly from human activities. All these activities release certain m
draw the demand curve,when there is rise in the price of a product on the demand of the product
Comparison with Our Needs: We can further test our performance by juxtaposing it with our requirements. Admittedly, it is very difficult to determine 'needed' rate of growth w
Is the terms of trade (TOT) explained as the ratio of the value of exports to the value of imports? How does the TOT relate to the exchange rate? The terms of trade (TOT) is ex
Double Jeopardy A condition where an entrepreneur's main source of income and net worth depend on the entrepreneur's organization.
have to do a group project on consumer equlibrium. plz help on wat sub topics to select (i am in college 1st year)
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