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Q. What do you mean by Externality?
An externality exists when the actions of one individual affect the wellbeing of other individuals without any compensation taking place. For illustration, the discharge of a CSO (combined sewer overflow) will be a negative externality to informal recreational users of a river corridor, to the extent that it will tends to an aesthetic degradation of the river, for which they will not receive any financial compensation. You may also have positive externalities, for example, an industry which uses a better waste treatment process will improve the river quality.
Q. Central Planning of economic system? Central Planning: An economic system in that crucial decisions regarding consumption, investment, exchange rates, interest rates and pri
Amartya Sen''s concept of poverty and welfare.
Perfect Competition It's a market where conditions prevail like that buyers and suppliers are without the ability to manipulate price in any significant way such that the marke
Learning Curve in Practice * Scenario - A new firm enters chemical processing industry. * Do they: 1) Produce a low level output and sell at high price? 2) Produce
Really briefly, what are 2 methods of measuring external stability? In Australia generally.
determination of rent
Profit: This is surplus left over after a company sells its output and pays off cost of production (which includes raw materials, labour costs and a proportional share of its capit
Should the bank not have anyone to lend the demand deposit to (like that will ever happen) would the size of the money multiplier decrease? If so, why?
Explain why a perfectly competitive firm does not expand its sales without limit if its horizontal demand curve indicates that it can sell as much as it desires at the current mark
Why narrowness of definition of a commodity may influence price elasticity of demand
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