What do we need governments for

Assignment Help Business Economics
Reference no: EM133129451

What do we need governments for? This is an important and interesting question to ponder about. From the point of view of economics, a crucial reason to have a government is for the government to fix market failure(s).

There is three types of market failure: (a) coordination failure in the context of provision of public goods, (b) tragedy of the commons, and (c) externalities.

For each type of market failure, explain what it is and provide a real life example.

Reference no: EM133129451

Questions Cloud

Increasing tractor production from combination : Increasing tractor production from combination D to combination E changes potato production by what amount?
Prepare an incremental analysis for the special order : Acceptance of the order would result in $10.000 of shipping costs but no increase in fixed expenses. Prepare an incremental analysis for the special order
General requirements for exercises : 1. Start with clearly specifying who the customer (demand) and producers (supply) are.
Planning and performing of risk management processes : Describe the role policy plays in the planning and performing of risk management processes.
What do we need governments for : What do we need governments for? This is an important and interesting question to ponder about. From the point of view of economics, a crucial reason to have a
Find marginal costs for copier produced : 1. Quest manufacturing incurs the following costs per unit: labor $100/unit, materials $50/unit, and rent $100,000/month. If the Quest produces 500,000 units a
Data visualization technology : Explain the benefits of using Data Visualization technology to monitor their online sales and marketing activity.
What is the cost of direct materials assigned to product : Product 17X had $299, 000 of manufacturing overhead allocated to it in May. What is the cost of direct materials assigned to Product 17X in May
Price floor on the production of european wheat : What is the impact of the price floor on the production of European wheat? Explain in your own words the characteristics of supply (quantity and price) in this

Reviews

Write a Review

Business Economics Questions & Answers

  Time clock and time sheet abuse

Ian Thomas, a Training Consultant who has extensive work experience in HR and senior management positions in various hotels throughout Fiji, was invited to do a

  Likely to overcome the free-rider problem

Recall the Application 1 in the textbook. Clearing Space Debris. Fill in the blanks: The clearing of space debris is an example of a _____ that suffers from the _____ problem. During pledge week your local public television station asks viewers to co..

  When good with equally elastic demand and supply

When a good with equally elastic demand and supply is taxed the incidence of the tax is borne

  Problem regarding the specialization hierarchy

Given the information below, create the fully labeled Crow's Foot ERD using a specialization hierarchy where appropriate (use Visio). The ERD must contain all primary keys, foreign keys, and main attributes. Business rules are defined as follows:

  About income levels in western europe and latin america

Which of the following is true about income levels in Western Europe and Latin America before 1700? Average income in Western Europe was higher than that in Latin America.

  Is it likely that they will choose payoff-maximizing action

Which set of actions maximizes the total payoff of Nikita and Margaret? Is it likely that they will choose the payoff-maximizing actions without some communication? Why or why not?

  What is the mean and standard deviation of event

You take 5 balls with replacement randomly from the bag and count how many orange balls you get. What is the mean and standard deviation of this event?

  Find the probability that average sleeping time

Find the probability that average sleeping time for a randomly selected sample of 44 students is more than 6.5 hours per night

  What price would you set on each continent to maximize

a) If you are allowed to engage in third-degree price discrimination, what price would you set on each continent to maximize profit?

  Difference between cost-push and demand-pull inflation

Explain the difference between cost-push and demand-pull inflation (use a model to illustrate your answer).

  What are the terminal cash flows in year 6

Today, the book value of the machinery is $11265. The tax rate is 23 percent. What are the terminal cash flows in Year 6?

  Benefits of workforce planning appraisal

1. Explain workforce planning? 2. Discuss 2 benefits of workforce planning appraisal

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd